WPI inflation falls 3.21% in May due to falling crude oil prices

New Delhi: India’s Wholesale prices inflation fell 3.21 percent in May due to sharp decline in prices of fuel and power.

“The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at (-) 3.21 per cent (provisional) for May 2020 as compared to 2.79 per cent during the corresponding month of the previous year,” the commerce and industry ministry said in a statement.

Inflation primary articles declined 2.92 in May. Inflation in food articles during May stood at 1.13 per cent, as against 2.55 per cent in April. In fuel and power basket, deflation stood at 19.83 per cent in May, as against 10.12 per cent in the previous month. Manufatured products witnessed a deflation of 0.42 per cent in May. prices of Crude Petroleum & Natural Gas declined 23.18 in May.

The final print of March WPI inflation stood at 0.42 per cent as compared to its provisional levels of 1 per cent reported on April 14, 2020, the ministry said.

“Price data is collected from selected institutional sources and industrial establishments spread across the country online through web based portal maintained by the National Informatics Centre (NIC),” the release said.