New Delhi: Wholesale price-based inflation rate declined by (-) 3.48 percent in May, hitting a 3-year low, on easing prices of food, fuel, and manufactured items. 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 percent. In May 2022, WPI inflation was at 16.63 percent.
The May 2023 data print of (-) 3.48 percent is the lowest WPI print recorded since May 2020, when wholesale inflation was at (-) 3.37 percent. Inflation in food articles eased to 1.51 percent in May, against 3.54 percent in April.
"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 and natural gas, and chemical and chemical products," the commerce and industry ministry said on Wednesday. Fuel and power basket inflation eased to (-) 9.17 percent in May, from 0.93 percent in April.
In manufactured products, the inflation rate was (-) 2.97 percent in the month under review, as against (-) 2.42 percent in April. The deceleration in WPI comes in line with the easing of retail inflation in May, which came in at a 25-month low of 4.25 percent.