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Wholesale price-based inflation reached negative at -0.92 per cent in April on an annual basis from 1.34 per cent in March, the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry, said on Monday.
A survey by Reuters had estimated a fall of 0.2 per cent. However, for the month of April 2023 over March 2023 the change in WPI remained at 0.0 per cent.
April is the 11th consecutive month for the WPI based inflation to decline. This decline in the inflation was primary driven due to the prices of crude, energy prices, non-food and food articles, said the government in a statement.
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The inflation on primary articles came down to 1.60 per cent in April 2023 from 2.40 per cent in March 2023.
Fuel & power inflation reduced to 0.93 per cent in April from 8.96 in March and 13.96 per cent in February.
Inflation in manufactured products also declined in April as it reached -2.42 per cent from -0.77 per cent in March. It stood at 1.94 per cent in February.
India’s retail inflation was above RBI’s 6 per cent target for three consecutive quarters. It later fall back into RBI’s comfort zone only in November 2022.
