The WPI inflation had stood at (-) 0.92 per cent in April 2023.
The decline in wholesale inflation in May 2023 is primarily due to the fall in prices of mineral oils, basic metals, food products, textiles and non-food articles
Following its downward trajectory, India’s Wholesale Price Index (WPI)-based inflation in May 2023 hit a 3-year low of (-) 3.48 per cent, as against (-) 0.92 per cent in April 2023, according to the official data released on Wednesday.
“The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 3.48 per cent (Provisional) for the month of May 2023 (over May, 2022) against (-) 0.92 per cent recorded in April 2023,” the Ministry of Commerce and Industry said in a statement.
It also said that the decline in the rate of inflation in May 2023 is primarily contributed by the fall in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum & natural gas, and chemical & chemical products.
The WPI decline comes after the retail inflation data released on Monday also showed a declining trend. The CPI inflation in May 2023 also hit a 2-year low of 4.25 per cent.
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