New Delhi: India’s wholesale prices came down for two consecutive months in a row by 3.48% in May, tells the government data released on Wednesday. This decline in Wholesale Price India (WPI) is primarily due to lower costs for mineral oils, basic metals, food, textiles, non-food items, crude oil and natural gas, chemicals and chemical products.

Decline in numbers

The food Index dropped from 173.6 in April 2023 to 172.8 in May 2023 on a monthly basis. Developed on the WPI Food Index, the rates of inflation fell from 0.17 per cent in April 2023 to (-)1.59 per cent in May 2023.

The index for Fuel & Power for the key group diminished by 2.62 per cent to 148.6 (provisional) in May 2023 from 152.6 (provisional) in April 2023. For May 2023 in comparison to April 2023, prices for coal decreased by (-0.67 per cent ), mineral oils by (-2.01 per cent) with electricity decreased by (-5.46 per cent).

The Major Group’s Manufactured Products Index fell by 0.35 per cent to 140.7 (provisional) in May 2023 from 141.2 (provisional) in April 2023, as per the government data.

Price was seen increasing by Seven entities of the 22 NIC two-digit groupings for finished goods, while the other 11 groups witnessed price reductions. Electrical equipment, pharmaceuticals, medicinal, chemical, including botanical items, tobacco products, wood and products made of wood and cork, leather and beverages, etc. are the entities that witnessed significant price growth.

Mineral prices took a hike by 0.90 per cent in May 2023 in comparison to april 2023. Food items saw lower trends in May 2023 compared to April 2023 by (-0.22 per cent), non-food items by (-1.87 per cent) with crude oil and natural gas by (-7.81 per cent).

The data for the wholesale price index for the month of June 2023 will be declared by the government in July 2023.