Financial News: India Wholesale Price Inflation Eases To 2.04%, More

India Wholesale Price Inflation Eases To 2.04%, More Than Forecast

08/14/2024 - 03:32:00 (RTTNews)

(RTTNews) - India's wholesale price inflation softened more-than-expected in July from a 16-month high in June, provisional data from the Ministry of Commerce and Industry revealed on Wednesday.

The wholesale price index, or WPI, rose 2.04 percent year-over-year in June, slower than the 3.36 percent increase in June. Economists had expected inflation to ease to 2.39 percent.

Prices for primary articles grew at a slower pace of 3.08 percent in July versus an 8.80 percent gain in the prior month. Similarly, the yearly price growth in the food index moderated to 3.55 percent from 8.68 percent.

Meanwhile, costs for manufactured products climbed 1.58 percent after a 1.43 percent increase in the preceding month. The annual price growth in fuel and power accelerated from 1.03 percent in June to 1.72 percent in July.

On a monthly basis, wholesale prices moved up 0.84 percent from June, when they increased by 0.26 percent.

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