India’s wholesale inflation persisted in negative territory for seventh month, in October

India’s wholesale inflation persisted in negative territory for seventh consecutive month, in October. According to data released by the Ministry of Commerce and Industry, the wholesale price index (WPI) recorded a 0.52 percent decline in October compared to the same period last year. Wholesale inflation recorded a contraction of 0.26 percent in September.

Ministry of Commerce and Industry said in a statement that the negative rate of inflation in October 2023 is primarily due to a fall in prices of chemicals and chemical products, electricity, textiles, basic metals, food products, paper and paper products, etc. as compared to the corresponding month of previous year.

Data showed on Monday that retail inflation, based on the Consumer Price Index (CPI), eased to 4.87 percent in October compared to 5.02 percent in September this year.

Retail inflation is within the Reserve Bank of India’s upper tolerance limit of 6 percent. The Government has mandated the apex bank to maintain retail inflation at four percent with a margin of two percent on either side.

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