On a sequential basis, the Wholesale Price Index (WPI) data for January, furnished by the Ministry of Commerce and Industry, showed that wholesale prices rose on a slower rate than the rise of 3.80 per cent reported for December 2018.

"The annual rate of inflation, based on monthly WPI, stood at 2.76 per cent (provisional) for January 2019 (over January 2018) as compared to 3.80 per cent (provisional) for the previous month and 3.02 per cent during the corresponding month of the previous year," the Ministry said in its review of "Index Numbers of Wholesale Price in India" for January.

"Build up inflation rate in the financial year so far was 2.49 per cent compared to a build up rate of 2.47 per cent in the corresponding period of the previous year."