According to an announcement from the Ministry of Commerce and Industry, the wholesale price-based inflation rate was (-)1.36% in July 2023 compared to (-)4.12% in June 2023. The costs of mineral oils, basic metals, chemicals, and chemical products, textiles, and food items have all decreased since July 2023, according to the report.
For the fourth consecutive month, WPI inflation decreased and entered the negative range. Since April, the WPI-based inflation rate has been negative. It was 14.07 percent in July of the prior year. Inflation for primary articles in July was 7.57% as opposed to (-)2.87% in June. Fuel and power were at (-)12.79%, down from (-)12.63% in June, and manufactured goods were at (-)2.51%, down from (-)2.71% a month earlier.
Compared to June, when it was 1.32 percent, food item inflation increased by 14.25 percent in July. When it comes to food, cereal inflation was 8.31% compared to 8.34% in June, wheat inflation was 8.01%, pulses inflation was 9.59%, veggies inflation was 62.12%, milk inflation was 8.15%, and eggs, meat, and fish inflation was 1.79%.
LPG inflation was (-)20.69% in the fuel & power category, down from (-)22.29% a month earlier, and petrol inflation was (-)13.48%. Manufacturing-related inflation in the area of manufactured goods was 2.42 percent for beverages, 3.38 percent for tobacco products, and (-)8.96 percent for textiles.
Food articles from the primary articles group and food products from the manufactured goods category make up the Food Index, which grew from 175.2 in June 2023 to 187.7 in July 2023. From (-)1.24 percent in June 2023 to 7.75 percent in July 2023, the annual rate of inflation based on the WPI Food Index increased.
