Wholesale inflation declined for the fifth consecutive month, minus 0.52 percent in August – Dainik Savera Times
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New Delhi: Wholesale inflation declined for the fifth consecutive month in August and stood at minus 0.52 percent. Wholesale price index (WPI) based inflation has remained below zero since April. In July it was minus 1.36 percent, while in August 2022 it was 12.48 percent. According to government data, inflation in food items stood at 10.60 percent in August, which was 14.25 percent in July.
“Inflation to be below zero in August 2023 mainly due to decline in prices of mineral oils, basic metals, chemicals and chemical products, textiles and food products as compared to the same month last year,” the Commerce and Industry Ministry said on Thursday. Inflation in the fuel and power segment was minus 6.03 percent in August, which was minus 12.79 percent in July.
Inflation in manufactured products stood at minus 2.37 percent in August. In July it was minus 2.51 percent. The Reserve Bank of India (RBI) had kept the policy rate repo at 6.5 percent for the third time last month in order to control the rising retail inflation and boost the economy. The central bank takes into account retail or consumer price index based inflation to formulate monetary policy. Retail inflation stood at 6.83 percent in August, which is lower than 7.44 percent in July.
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