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The wholesale price index (WPI) based inflation rate has been in the negative territory for the second straight month. In April it was (-) 0.92 per cent.
In May, 2022 WPI inflation was at 16.63 per cent.
The May, 2023 data print of (-) 3.48 per cent is the lowest WPI print recorded since May 2020, when wholesale inflation was at (-) 3.37 per cent.
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”Decline in the rate of inflation in May, 2023 is primarily contributed by fall in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum & natural gas, and chemical & chemical products,” the commerce and industry ministry 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 inflation rate was (-) 2.97 per cent in the month under review, as against (-) 2.42 per cent in April.
The deceleration in WPI comes in line with the easing of May retail inflation, which came in at an 25-month low of 4.25 per cent.