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Financial News: India Wholesale Price Inflation Eases More Than Forecast

India Wholesale Price Inflation Eases More Than Forecast

07/14/2022 - 04:43:00 (RTTNews)

(RTTNews) - India's wholesale price inflation slowed more than expected in June, though marginally, provisional data from the Ministry of Commerce and Industry revealed on Thursday.

The wholesale price index climbed 15.18 percent year-over-year in June, following a record high of 15.88 percent in May. Economists had expected inflation to ease to 15.50 percent.

The overall inflation was primarily driven by a 40.38 percent jump in fuel and power prices.

Prices for primary articles grew 19.22 percent and those for manufactured products gained 19.19 percent.

Inflation based on food prices rose to 12.41 percent in June from 10.89 percent in May, and costs for non-food articles also logged a sharp growth of 18.80 percent.

On a monthly basis, wholesale prices showed no variations in June, after a 1.12 percent increase in the previous month.

Data released on Tuesday showed that consumer price inflation also eased slightly to 7.01 in June from 7.04 percent in May.

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