WPI Inflation June 2023: Inflation broke 8-year record, inflation rate came at its lowest level in June

The rate of wholesale price inflation eased to (-) 4.12 percent in May, the lowest in 8 years, on softening prices of food, fuel, and manufactured articles. Inflation based on the Wholesale Price Index (WPI) remained negative for the second consecutive month. Last month in May it was (-) 03.48 percent. It was 16.23 percent in June last year.
Inflation in food articles declined to (-) 1.24 percent in June from (-) 1.59 percent in May, the Commerce and industry ministry said in a press release on Friday. At the same time, inflation in the fuel and power basket declined to (-) 12.63 percent in June. It was (-) 9.17 percent in May last month.
The inflation rate in manufactured products was (-) 2.71 percent in the month as against (-) 2.97 percent in May.
Let us tell you that for the third consecutive month, the inflation based on the Wholesale Price Index has remained below zero. In April this year it was at -0.92 percent and in May it had come down to -3.8 percent. Now the wholesale inflation rate has come down to -4.12 percent in June.
According to the ministry, in the press release, it has been said that the decline in the rate of inflation in June 2023 is mainly due to the fall in the prices of mineral oils, food products, basic metals, crude petroleum, and natural gas and textiles.