New Delhi: Wholesale price inflation in India in June 2023 contracted to 4.12%t year-on-year. This is for third month in a row that the WPI inflation is witnessing a negative growth. The WPI inflation had stood at (-) 3.48% in May 2023. The latest WPI inflation rate is the lowest since October 2015. In October 2015 it had come in at (-) 4.76%.
‘The decline in the rate of inflation in June 2023 is primarily due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles,’ the commerce and industry ministry said in a statement.
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The annual rate of inflation based on all India Wholesale Price Index (WPI) number is(-) 4.12% (provisional) for the month of June 2023. It was at ( (-) 3.48% recorded in May 2023. However, the food inflation, based on the WPI Food Index, rose from (-) 1.59% in May 2023 to (-) 1.24% in June 2023.
However, the retail inflation in June 2023 increased to 4.81% after declining for five months. The rise in vegetable prices is the main reason for this. The food basket accounts for nearly half of the CPI. Rural inflation stood at 4.72% in June while urban inflation was at 4.96% for the reported period.
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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