Wholesale Inflation In India Turns Negative In April For First Time Since 3 Years

According to official data released by the Ministry of Commerce and Industry, the wholesale inflation in India based on the Wholesale Price Index (WPI) has turned negative in the month of April at minus 0.92 percent for the first time since three years.

Wholesale Inflation Turns Negative

It is mentioned the last time it happened was back in July 2020. In March, the inflation rate was at 1.34 per cent against 3.85 per cent in February.

The overall wholesale inflation was at 8.39 percent in October. The inflation based on the WPI had been in double digits for 18 months in a row till September.

Notably, a declining trend was witnessed in April that was mainly attributed to the decline in food articles, cereals, wheat, vegetables, potato, fruits, and eggs meat, among others.

Retail inflation in India was above RBI’s 6 per cent target for three consecutive quarters. In November 2022, it had managed to fall back to the RBI’s comfort zone.