Newsinc24 Team 
Retail inflation declined to a one-year low of 5.72 per cent in December 2022, mainly due to softening prices of food items, according to official data released on Thursday. The Consumer Price Index (CPI) based retail inflation was at 5.88 per cent in November 2022 and 5.66 per cent in December 2021.As per the data released by the National Statistical Office (NSO), inflation in the food basket was at 4.19 per cent in December as against 4.67 per cent in November. The marginal dip in inflation was driven by lower food prices, especially vegetables. It may be noted that food inflation for December came in at 4.1 per cent, compared to 4,.67 per cent in November. The inflation rate for vegetables saw the biggest contraction at 15.08 per cent. Inflation rate for fuel and light, however, increased mildly to 10.97 per cent against 10.62 per cent in November.The CPI Inflation in rural areas declined to 6.05% in December from 6.09% in November. Retail inflation in rural areas stood at 6.05% as compared to 5.39% in urban areas.
Meanwhile, the Index of Industrial Production (IIP) grew 7.1 per cent year-on-year in November, compared to a contraction of 4 per cent in October, according to the government data. The Index of Industrial Production (IIP) grew by 1 per cent in November 2021. As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector's output grew by 6.1 per cent in November 2022.
