Wholesale price index Continues Downward Trend, Drops to -0.92% in April

In April, wholesale price-based inflation dropped to -0.92% on a yearly basis, down from 1.34% in March, according to the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce & Industry. This decrease was greater than the estimated 0.2% decline from a Reuters poll. The month-to-month change in WPI for April 2023 compared to March 2023 remained unchanged at 0.0%.

For the 11th consecutive month, WPI-based inflation has continued to decline in April. The decline in inflation was widespread, primarily due to lower prices of crude oil, energy, non-food items, and food articles. In April, the rate of inflation for primary articles decreased to 1.60% compared to 2.40% in March.

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Other important points related to Wholesale price index:

• The decline in the rate of inflation was broad based, primarily driven by fall in prices of crude, energy prices, non-food and food articles, the government said in the statement.
• Primary articles inflation slowed to 1.60 per cent in April from 2.40 per cent in March.
• Fuel & power inflation reduced to 0.93 per cent in April from 8.96 per cent in March and 13.96 per cent in February.
• Inflation in manufactured products declined to -2.42 per cent in April from -0.77 per cent in March and 1.94 per cent in February.
• The WPI had come down to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive.
• Retail inflation in India eased sharply in April to 4.7 per cent or an 18-month low, as against 5.7 per cent the previous month.

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