Wholesale Pricing Index: For the first time since July 2020, India’s wholesale pricing index (WPI) inflation decreased in April and into the negative range. According to information made public by the Ministry of Commerce and Industry on Monday, inflation came in at -0.92 percent, with the base effect playing a significant role in the decline. The WPI inflation rate in March was 1.34 percent.
Inflation Rate for Food and Manufactured Goods Plummets in India
Food price inflation in April considerably decreased from March’s 2.32 percent to 0.17 percent, while inflation for manufactured goods fell 2.42 percent and into the negative territory, while inflation for primary articles and gasoline and power came in at 1.6 and 0.9 percent, respectively. This category’s inflation rate in March was -0.77%. The CPI index is taken into consideration while making monetary policy decisions by the MPC of the RBI. Depending on how the trajectory plays out until then and the April CPI report, the RBI may decide to hold interest rates steady in the June policy.
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India’s Retail Inflation Dips to 18-Month Low at 4.7% in April
The CPI index is taken into consideration while making monetary policy decisions by the MPC of the RBI. Depending on how the trajectory plays out until then and the April CPI report, the RBI may decide to hold interest rates steady in the June policy. The Commerce Ministry states that “Decline in the rate of inflation in April 2023 is primarily contributed by fall in the prices of basic metals, food products, mineral oils, textiles, non-food articles, chemical & chemical products, rubber & plastic products, and paper & paper product.” According to data released on Friday by the Ministry of Statistics and Programme Implementation, India’s retail inflation decreased to 4.7% in April from 5.66% in March, an 18-month low as a result of a favourable base. Additionally, in April, food inflation decreased to 3.84 percent. In March, it was 4.79 percent. Consumer Price Index (CPI)-based inflation stayed below the RBI’s comfort level of 6% for the second consecutive month. Retail inflation measured by the Consumer Price Index (CPI) was 5.66% in March 2023 and 7.79% in the same month last year. The rate of retail inflation in April was the lowest since it was 4.48 percent in October 2021.
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