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India's July wholesale inflation falls 0.58%, food prices soar
New Delhi, August 14, 2020
Sequentially higher food prices accelerated India's annual rate of inflation based on wholesale prices to (-) 0.58 per cent in July from (-) 1.81 per cent in June, official data showed on Friday.
However, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry showed a decelerating trend during July 2020, as inflation had risen to 1.17 per cent during the corresponding period of the previous year.
"The annual rate of inflation, based on monthly WPI, stood at (-0.58 per cent)(Provisional) for the month of July, 2020 (over July, 2019) as compared to (1.17 per cent) in the corresponding period of the previous year," the Ministry said in its review of 'Index Numbers of Wholesale Price in India' for July.
"The WPI for July, 2020 have been compiled at a response rate of 69 per cent, while the final figure for May, 2020 is based on the response rate of 86 per cent. These provisional figures of WPI will undergo revision as per the final revision policy of WPI."
On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI's total weightage, increased 0.63 per cent from (-) 1.21 per cent in June 2020.
Furthermore, the prices of food items increased at a faster rate of 4.32 per cent from 3.05 per cent.