India’s Wholesale Price Index Contracts For Third Straight Month
India's wholesale prices contract for the third straight month, albeit at a slower pace, as prices of food and manufactured articles rose.
The Wholesale Price Index fell 1.81% in June on an annual basis compared with a decline of 3.21% in May, according to a media statement by the Ministry of Commerce and Industry. A Bloomberg poll of 18 economists had pegged a 2.4% fall.
Retail inflation, however, remained over 6% in June. That's just above the Monetary Policy Committee’s tolerance band of 4 (+/-2)%.
- Primary articles inflation fell to 1.21% in June compared to a drop of 2.92% in May.
- Fuel and power inflation fell to 13.6% compared to a decline of 19.83% in May.
- Food articles inflation rose to 2.04% compared to an increase of 1.13% in the previous month.
- Non-food articles inflation fell to 2.8% compared to a decline of 3.53% in May.
- Manufacturing articles inflation rose 0.08% in June compared to a 0.42% fall in May.