New Delhi, August 14 (Kiran News): Following a decline in retail inflation, India’s wholesale inflation rate also fell in July, touching a two-year low of -0.58%. This compares to -0.13% in June and 2.10% in July last year.
According to the Ministry of Commerce and Industry, the wholesale price index (WPI)-based inflation rate turned negative in July due to falling prices of essential goods and food items. The decline was largely driven by lower prices of food products, mineral oils, crude petroleum and natural gas, and basic metals.
Food inflation fell by 6.29% in July, a sharper drop compared to 3.75% in June. Vegetable prices saw the steepest fall, plunging by 28.96% in July, against a 22.65% decline in June.
However, inflation in manufactured products rose slightly to 2.05% in July from 1.97% in June. In the fuel and power segment, deflation stood at 2.43% in July, compared to 2.65% in June.
TrendingRetail inflation for July also eased to an eight-year low of 1.55%, which is below the Reserve Bank of India’s (RBI) target. Recently, the RBI revised its inflation forecast for the current financial year down to 3.1% from the earlier estimate of 3.7%.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment