Latest Inflation Rate: The wholesale price-based inflation rate declined to (-) 3.48 per cent in May, a 3-year low on lower prices of food, fuel and manufactured articles.
The rate of inflation based on the Wholesale Price Index (WPI) remained negative for the second consecutive month. In April it was (-) 0.92 per cent. The WPI inflation for May, 2022 stood at 16.63 per cent. The data print for May, 2023 at (-) 3.48 per cent is the lowest WPI print recorded since May 2020, when the WPI was (-) 3.37 per cent.
Inflation in food articles eased to 1.51 per cent in May from 3.54 per cent in April. “The decline in rate of inflation in May, 2023 is mainly contributed by decline in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum and natural gas, and chemical and chemical products.” And the Ministry of Industry said on Wednesday.
Fuel and power basket inflation eased to (-)9.17 per cent in May from 0.93 per cent in April.
In manufactured products, the rate of inflation for the month under review was (-) 2.97 per cent, as against (-) 2.42 per cent in April. The decline in WPI is in line with the reduction in retail inflation in May, which had dropped to a 25-month low of 4.25 per cent.