Wholesale inflation in India remained in the negative territory for the sixth straight month as prices fell 0.26 per cent in September, data showed on Monday. Wholesale inflation had risen to a five-month high of -0.52 per cent in the month of August.
Economists polled by Reuters had estimated the wholesale price index for September would rise 0.5%.
“Deflation in September, 2023 is primarily due to fall in prices of chemical & chemical products, mineral oils, textiles, basic metals and food products as compared to the corresponding month of previous year,” the Commerce Ministry said in a statement.
Inflation in primary aticles continued easing, with a 3.70 per cent reading in September after rising to 8.24 and 6.34 per cent each in July and August.
Fuel and power inflation deflated to 3.35 per cent after a 12.73 per cent and 6.03 per cent reading in July and August respectively.
Manufactured products prices fell 1.34 per cent, after falling 2.58 per cent and 2.37 per cent each in July and August.
Data released in the previous week showed that retail inflation in India eased to a three-month low of 5.02 in per cent in September on the back of softer vegetable prices, but remained above the Reserve Bank of India’s tolerance band median of 4 per cent.
(More to come)
