WPI inflation declines to 3-year low of -3.48% in May
WPI inflation declines: The wholesale price-based inflation rate fell by (-) 3.48 percent in May, reaching a three-year low, as food, fuel, and manufactured goods prices fell.
For the second month in a row, the wholesale price index (WPI)-based inflation rate has been negative. It was (-) 0.92 percent in April. WPI inflation in May 2022 was 16.63%.
The (-) 3.48 percent WPI print in May 2023 is the lowest since May 2020, when wholesale inflation was (-) 3.37 percent.
In May, inflation in food articles fell to 1.51% from 3.54 percent in April.
"Decline in the rate of inflation in May 2023 is primarily contributed by fall in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum & natural gas, and chemical & chemical products," the commerce and industry ministry said.
In May, fuel and electricity basket inflation fell to (-) 9.17 percent from 0.93 percent in April.
In the month under review, the inflation rate in manufactured goods was (-) 2.97%, compared to (-) 2.42 percent in April.
The slowing of WPI corresponds to the lowering of May retail inflation, which came in at a 25-month low of 4.25 percent.
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- PTC NEWS
