New Delhi [India], August 14 (ANI): The All India Wholesale Price Index (WPI) for the month of July 2023 has shown a decrease of (-) 1.36 per cent compared to the same month in the previous year, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT). This decline in the rate of inflation has been attributed to a fall in prices across various sectors, including mineral oils, basic metals, chemical & chemical products, textiles, and food products.
“The WPI figures for July 2023 reveal a steady improvement over the previous month, with the monthly change in the index standing at 1.95 per cent compared to June 2023”, read the Ministry of Commerce & Industry press release. This recent data suggests a positive trend in the overall wholesale price landscape. Primary Articles witnessed a notable increase of 7.57 per cent in the WPI, primarily driven by a surge in the prices of food articles.
Cereals, vegetables and fruits experienced varying levels of price fluctuations, contributing to this upward trajectory. “Fuel & Power, on the other hand, witnessed a decline of 12.79 per cent in the WPI, largely influenced by lower prices of LPG, petrol, and diesel”, read the release. Crude petroleum and natural gas also saw a decrease in prices, contributing to the overall decline in this category.
Manufactured Products registered a slight dip of 2.51 per cent in the WPI, with some sub-categories witnessing both price increases and decreases. Notably, food products, machinery & equipment, and electronic products saw a rise in prices, while basic metals, chemical products, textiles, and paper products experienced a decrease. “The Food Index, consisting of ‘Food Articles’ and ‘Food Products’, experienced a significant increase from 175.2 in June 2023 to 187.7 in July 2023. This led to a surge in the annual rate of inflation based on the WPI Food Index, which increased from (-) 1.24 per cent to 7.75 per cent” read the press release.
The DPIIT emphasized that the provisional figures of WPI are subject to revision as per the final revision policy. The release of these indices and inflation numbers provides crucial insights into the economic landscape, aiding policymakers, businesses and investors in making informed decisions. The next update on the Wholesale Price Index for August 2023 is scheduled to be released on September 14, 2023.
The wholesale inflation rate for June was (-) 4.12 per cent, down from (-) 3.48 per cent in May and (-) 0.79 per cent in April. The government publishes index figures for wholesale prices on a monthly basis on the 14th of each month (or the following working day). Data from institutional sources and particular manufacturing facilities around the nation are used to construct the index numbers.(ANI)
