The wholesale price-based inflation eased for the eight consecutive month to 4.73 per cent in January, the lowest in 24-months - on easing prices of manufactured items, fuel and power.

The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022.

"Decline in the rate of inflation in January, 2023 is primarily contributed by mineral oils, chemicals and chemical products, textiles, crude petroleum and natural gas, textiles, and food products," the Commerce Ministry said in a release on Tuesday (14 February).

Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December 2022.

Inflation in pulses was 2.41 per cent, while in vegetables was (-) 26.48 per cent. Inflation in oil seeds was (-) 4.22 per cent in January.

Fuel and power basket inflation eased to 15.15 per cent, from 18.09 per cent in December 2022. In Manufactured products it was 2.99 per cent, against 3.37 per cent in December, 2022.

The deceleration in WPI comes in contrast to the retail inflation data released on Monday which showed retail inflation breached the RBI's comfort zone and rose to a three-month high of 6.52 per cent in January, mainly on account of a spike in food prices.

The previous high was 6.77 per cent in October 2022.

After remaining above the Reserve Bank of India's upper tolerance threshold of 6 per cent since January 2022, retail inflation declined in November to 5.88 per cent and further in December to 5.72 per cent -- its lowest level in one year.

The Reserve Bank has been mandated by the central government to ensure the retail inflation remains at 4 per cent with a margin of 2 per cent on either side.