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India's Wholesale Inflation at -3.21 percent in May

https://en.steelhome.com [SteelHome] 2020-06-16 11:25:53

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India's wholesale price index (WPI) contracted by 3.21 percent in May, data released by the federal commerce and industry ministry on Monday said.

"The annual rate of inflation, based on monthly WPI, stood at (-3.21 percent) (provisional) for the month of May, 2020 (over May 2019) as compared to 2.79 percent during the corresponding month of the previous year," a statement issued by the ministry said.

According to the official data, the official WPI for 'All Commodities' (Base: 2011-12=100) for the month of May, 2020 declined by (-2.24 percent) to 117.7 (provisional) from 120.4 (final) for the month of March, 2020.

"This department has advised the field offices to collect price data through electronic means of communication during the lockdown. The response rate for April 2020 has improved substantially. Final index for the month of April 2020 will be released in next month press note in the light of the updated data received from the selected sources," the ministry said.

The index for primary articles declined by (-0.87 percent) to 136.2 (provisional) in May 2020 from 137.4 (final) for the month of March, 2020. Prices of Food Articles (0.73 per cent) increased whereas prices of Crude Petroleum and Natural Gas (-23.18 percent) and Non Food Articles (-1.44 per ent) declined as compared to March 2020.

The ministry said food index consisting of 'Food Articles' from primary articles group and 'Food Product' from Manufactured Products group have provisionally increased from 145.7 in March, 2020 to 146.1 in May, 2020. The annual rate of inflation based on WPI Food Index decreased from 5.20 percent in March, 2020 to 2.31 percent in May, 2020.

Wholesale inflation - or the rate of increase in wholesale prices - is determined by the WPI.

Last month the government released a shortened data for April WPI saying there was a limited transaction of products in the market due to the outbreak of COVID-19 and subsequent imposition of lockdown.

Source: Xinhua
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