WPI inflation falls 0.58 pc in July, food prices spike

WPI inflation in June was at (-) 1.81 per cent, while for the month of May and April it was (-) 3.37 per cent and (-) 1.57 per cent respectively. "The annual rate of inflation, based on monthly WPI (Wholesale Price Index), stood at (- 0.58 per cent) (provisional) for the month of July, 2020 as compared to 1.17 per cent during the corresponding month of the previous year," the commerce and industry ministry said in a statement.

The wholesale price-based inflation declined 0.58 percent in July, even as food items turned costlier. WPI inflation in June was at (-) 1.81 percent, while for May and April it was (-) 3.37 percent and (-) 1.57 percent respectively.

"The annual rate of inflation, based on monthly WPI (Wholesale Price Index), stood at (- 0.58 percent) (provisional) for July 2020 as compared to 1.17 percent during the corresponding month of the previous year," the commerce and industry ministry said in a statement. Inflation in food articles during July stood at 4.08 percent, as against 2.04 percent in June.

However, fuel and power basket inflation fell 9.84 percent in July, compared to 13.60 percent in the previous month. Manufactured products, however, witnessed inflation of 0.51 percent in July, as against 0.08 percent in June.

The RBI in its policy review last week, kept interest rates unchanged and said it sees upside risk to inflation. The apex bank expects retail inflation to moderate in the October-March period. July retail inflation was at 6.93 percent, as against 6.23 percent in June.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)