Dynamite News Business: May WPI inflation contracts by 3.21 pc
The annual rate of inflation based on monthly wholesale price index (WPI) stood at minus 3.21 per cent for May as compared to 2.79 per cent during the corresponding month of the previous year, data released by the government on Monday showed.
New Delhi: The annual rate of inflation based on monthly wholesale price index (WPI) stood at minus 3.21 per cent for May as compared to 2.79 per cent during the corresponding month of the previous year, data released by the government on Monday showed.
However, due to limited information available for the month of April, the provisional figures of May are compared with final figures of March, according to an official statement issued by the Ministry of Commerce and Industry.
The annual rate of inflation, based on monthly WPI (Wholesale Price Index), stood at -3.21% (provisional) for May 2020 (over May 2019) as compared to 2.79% during the corresponding month of the previous year: Government of India pic.twitter.com/9DTd4g3wGj
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— ANI (@ANI) June 15, 2020
The Department of Promotion of Industry and Internal Trade (DPIIT) could not collect wholesale price data for April due to the nationwide lockdown imposed since March 25 to contain the spread of coronavirus pandemic.
"The official WPI for all commodities (base 2011-12=100) for May declined by 2.24 per cent to 117.7 (provisional) from 120.4 (final) for March," said the statement. The index for manufactured products with a weightage of 64.23 per cent declined by 0.42 per cent to 118.1 in May from 118.6 for March.
Out of the 22 products, 10 groups witnessed an increase in prices. They include beverages, tobacco products, wearing apparel, leather and related products, wood and of products of wood and cork, paper and paper products, pharmaceuticals, medicinal chemical and botanical products, other non-metallic mineral products, motor vehicles, trailers and semi-trailers and other transport equipment.
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The groups which witnessed a decline in prices were food products, textiles, printing and reproduction of recorded media, chemicals and chemical products, rubber and plastics products, manufacture of basic metals, fabricated metal products, except machinery and equipment, computer, electronic and optical products, electrical equipment, machinery and equipment.
The index for primary articles with a weightage of 22.62 per cent declined by 0.87 per cent to 136.2 in May 2020 from 137.4 for March. Prices of food articles increased whereas prices of crude petroleum and natural gas and non-food articles declined as compared to March.
The index for fuel and power with a weightage of 13.15 per cent declined by 15.88 per cent to 83.7 in May from 99.5 for March. Prices of mineral oils group declined while prices of coal and electricity remained unchanged. (ANI)