Following its downward trajectory, India’s Wholesale Price Index (WPI)-based inflation in May 2023 hit a 3-year low of (-) 3.48 per cent, as against (-) 0.92 per cent in April 2023, according to the official data released on Wednesday.
“The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 3.48 per cent (Provisional) for the month of May 2023 (over May, 2022) against (-) 0.92 per cent recorded in April 2023,” the Ministry of Commerce and Industry said in a statement.
It also said that the decline in the rate of inflation in May 2023 is primarily contributed by the fall in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum & natural gas, and chemical & chemical products.
The WPI decline comes after the retail inflation data released on Monday also showed a declining trend. The CPI inflation in May 2023 also hit a 2-year low of 4.25 per cent.
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