New Delhi: The wholesale price-based inflation rate declined by (-) 3.48% in May. The inflation rate has touched a 3-year low. This is also the lowest WPI print recorded since May 2020, when wholesale inflation was at (-) 3.37 per cent.
The easing prices of food, fuel and manufactured items supported this decline. The wholesale price index (WPI) based inflation rate has been in the negative territory for the second straight month. In April it was (-) 0.92%. In May, 2022 WPI inflation was at 16.63%.
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‘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 today.
Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India is made after reviewing the CPI.
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