The inflation rate, continuing its southward journey, has dropped to 3.04 per cent for the week ending on October 13 compared to 7.2 per cent for the same week last year.
The weekly inflation rate for the previous week was 3.18 per cent. As per the figures released by the government, the wholesale price index has been correspondingly sluggish rising by only 0.1 per cent to 162.6 against 162.4 recorded for the previous week.
The fall in the inflation rate is due to the continued weakness in the prices of manufactured products in spite of the festive season.
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The index for this group has declined by 0.1 per cent to 144.4 and that of textiles has declined by 0.9 per cent and chemicals and chemical products by 0.1 per cent.
The index for machinery and machine tools has risen by 0.1 per cent while the index for non-metallic mineral products has climbed up by 0.3 per cent.
On the flip side, the price level for fuel, power, light and lubricants continues at the same level of 230.5, while that for primary articles has moved up by 0.8 per cent.
The index for food articles has hardened by 1.4 per cent due to higher prices of mutton, fruits and vegetables, milk and eggs.