The Business Bytes
TBB BUREAU
NEW DELHI, AUG 14, 2023
The annual rate of inflation based on All India Wholesale Price Index (WPI) number remained in the negative territory for the fourth straight month in July at (-)1.36 per cent primarily due to fall in prices of mineral oils, basic metals, chemical & chemical products and textiles though food items turned costlier.
The wholesale price index (WPI) based inflation rate has been in the negative since April and was (-)4.12 per cent in June. In July last year it was 14.07 per cent.
“Decline in the rate of inflation in July, 2023 is primarily contributed by fall in prices of mineral oils, basic metals, chemical & chemical products, textiles and food products,” Union Commerce and Industry ministry said on Monday.
Fuel and power basket inflation eased to (-)12.79 per cent in July from (-)12.63 per cent in June. Prices of Electricity (-0.45 per cent) and Mineral Oils (-0.65 per cent) declined in July, 2023 as compared to June, 2023.
In manufactured products, the inflation rate was (-)2.51 per cent as against (-)2.71 per cent in June.
Inflation in food articles skyrocketed 14.25 per cent in July against 1.32 per cent in June.
The Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group increased from 175.2 in June 2023 to 187.7 in July 2023. The annual rate of inflation based on WPI Food Index increased from (-)1.24 per cent in June 2023 to 7.75 per cent in July, 2023.
