New Delhi, June 14 : Remaining in negative territory, India’s wholesale price index (WPI)-based inflation fell further down to (-) 3.48% in May, 2023.
According to data released by Ministry of Commerce & Industry on Wednesday, the decline in the rate of inflation in the previous month was primarily due to fall in prices of items such as mineral oils, basic metals, food products, textiles, non-food articles and crude petroleum & natural gas.
“The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 3.48% (Provisional) for the month of May, 2023 (over May, 2022) against (-) 0.92% recorded in April, 2023,” said an official release.
“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,” it further said.
Both wholesale and retail inflation have been on a declining trend for the past several months. The official data earlier this week showed consumer price index (CPI)-based inflation fell to a 20-month low of 4.3% in May this year primarily driven by softening food and fuel prices.
With inflation showing a declining trend, Reserve Bank of India (RBI) has kept the policy repo rate unchanged at 6.5% after six consecutive hikes.