India’s wholesale price inflation down at (-) 0.58% in July
17 Aug 2020
The annual rate of inflation, based on monthly wholesale price index (WPI) stood at (-) 0.58 per cent in July 2020 compared to 1.17 per cent in the corresponding period of the previous year, provisional figures released by the Department for Promotion of Industry and Internal Trade showed.
Inflation rate for the `primary articles’ group, which has a weight of 22.62 per cent in the wholesale price index, increased by 3.16 per cent as prices of crude petroleum and natural gas and food articles increased while those of non-food articles and minerals decreased in July 2020 compared with the previous month.
Inflation rate for the `fuel and power’ group (weight of 13.15 per cent in WPI) increased by 2.72 per cent in July 2020 as prices of mineral oils group increased while prices of coal and electricity declined compared with those in June.
Inflation rate for the `manufactured products’ group (weight of 64.23 per cent in WPI) remained unchanged at its previous month’s level of 118.6. Out of the 22 groups of manufactured products, 11 including food products, beverages, leather and related products, wood and of products of wood and cork, chemicals and chemical products, basic metals, electrical equipment, machinery and equipment, motor vehicles, trailers and semi-trailers, other transport equipment and other manufacturing products have witnessed increase in prices, whereas prices of 11 groups, including tobacco products, textiles, wearing apparel, paper and paper products, printing and reproduction of recorded media, pharmaceuticals, medicinal chemical and botanical products, rubber and plastics products, other non-metallic mineral products, fabricated metal products (except machinery and equipment), computer, electronic and optical products and furniture declined year-on-year in July 2020.
Inflation rate for `food items’ consisting of ‘food articles’ from the primary articles group and ‘Food Products’ from the manufactured products group (weight of 24.38 per cent in WPI) has provisionally increased to 4.32 per cent in July 2020 from 3.05 per cent in June 2020.
The final wholesale price inflation rate for May 2020 stands revised to (-) 3.37 per cent based on the revised index for `all commodities’ for the month.
The WPI for July 2020 has been compiled at a response rate of 69 per cent, while the final figure for May 2020 is based on the response rate of 86 per cent. These provisional figures of WPI will undergo revision as per the final revision policy of WPI, the release added.