India WPI - Wholesale Price Inflation Eased To 12.1% In June Led By Minerals, Crude Oil, Natural Gas: ICRA
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ICRA Research Report
As expected, the year-on-year wholesale price index inflation softened to 12.1% in June 2021 (down 1.8% in June 2020) from a series-high 12.9% in May 2021 (down 3.4% in May 2020), with a normalising base contributing to a sharp correction in the inflation for minerals, and crude oil and natural gas, despite a rise in global commodity prices.
The inflation print for June 2021 was modestly lower than our forecast (12.3%).
The softening in the YoY WPI inflation in June 2021 relative to May 2021, was broad-based, led by crude petroleum and natural gas, minerals, fuel and power, manufactured food products and primary food articles.
In contrast, the inflation for core-WPI, and primary non-food articles hardened in June 2021 relative to the previous month.
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