Wholesale Price Index Based Inflation at Three-Year Low of Minus 3.48 Percent in May
– Wholesale Price Index based inflation has come down to minus 3.48 percent in May, its lowest level in three years.
– Wholesale inflation saw a decline due to lower prices of food items, fuel and manufactured goods.
– The decline in WPI inflation was mainly due to a decline in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum and natural gas, and chemical and chemical products.
– This is the second consecutive month when the Wholesale Price Index based inflation is below zero, standing at 16.63 percent in May 2022.
– Food inflation eased to 1.51 per cent in May, down from 3.54 percent in April.
– Inflation in the fuel and power segment declined to (-) 9.17 per cent in May, whereas inflation in manufactured products stood at minus 2.97 per cent in May.
– Retail inflation has also come down to a 25-month low of 4.25 per cent in May.
The Wholesale Price Index based inflation has reached its lowest level in three years, declining to minus 3.48 percent in May. This marks the second consecutive month when the Wholesale Price Index based inflation is below zero, standing at 16.63 percent in May 2022. The decline in inflation was primarily due to a decrease in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum and natural gas, and chemical and chemical products.
According to government data, food inflation eased to 1.51 per cent in May, down from 3.54 percent in April. Inflation in the fuel and power segment also declined to (-) 9.17 per cent in May, while inflation in manufactured products stood at minus 2.97 per cent in May.
Retail inflation has also come down to a 25-month low of 4.25 per cent in May. This drop in inflation is good news for the common man as it reduces the cost of living and helps maintain the purchasing power of people. However, it may also indicate a slowdown in economic growth, which is a cause for concern.
Overall, the decline in Wholesale Price Index based inflation is a positive development for the economy and the common man. It will be interesting to see how the inflation trends evolve in the coming months and if the government takes any measures to address the potential slowdown in economic growth.
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