Inflation based on Wholesale Price Index declined in May
The inflation rate, based on the Wholesale Price Index (WPI), has hit an all-time low of -3.48% in May due to a decrease in the prices of mineral oil, metals, food products, textiles, non-food items, crude petroleum, natural gas, and chemical products. This data, released by the commerce ministry, is the lowest WPI-based inflation rate in recent times.
Highlights:
– Inflation based on Wholesale Price Index (WPI) hit an all-time low of -3.48% in May due to a decrease in the prices of various products.
– Retail inflation rate dropped to 3.25% in May 2023, compared to 4.70% in April 2023.
– The decline in inflation is good for the common people and the economy as it directly affects purchases.
– Retail inflation rates are based on data collected from 1114 urban and 1181 rural markets.
The WPI inflation rate was -0.92% in April and 1.34% in March, a 29-month low. The rate was 3.85% in February and 4.73% in January. Retail inflation rates also saw a decline in May compared to April, dropping from 4.70% to 3.25%. The retail inflation rate was 7.04% in May 2022. The decline in prices was seen in food items, fruits, and vegetables. The retail inflation rate in March 2023 was 5.66%. This is the lowest inflation rate in two years.
The decline in inflation is good news for common people as it not only provides relief but also encourages investment and shopping. Inflation has a direct impact on purchases, and when it is low, people tend to invest and shop more. The figures of retail inflation are based on data collected from 98.56% of the villages and 97.04% of the urban markets in the country.
In conclusion, the decline in inflation rates is a positive sign for the economy and the common people. It is expected to encourage investment and increase shopping activities. The government’s efforts to control inflation seem to be paying off.
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