Wholesale inflation eased to 3.21 per cent in May, with food prices rising

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New delhi date. 15 June 2020, Monday

Inflation, as measured by the Wholesale Price Index (WPI), declined by 3.21 per cent in May on account of lower fuel and electricity rates, but food prices were higher at the time. According to a report by the Ministry of Commerce and Industry, "the annual rate of inflation based on the monthly wholesale price index remained negative at 3.21 per cent (provisional figure) during May 2020, up from 2.79 per cent in the same month a year ago."

Food inflation stood at 1.13 per cent in May and 2.55 per cent in April, a month earlier. Inflation in the fuel and electricity sector stood at 19.83 per cent in May, as against 10.12 per cent in the previous month. Manufactured production, on the other hand, declined by 0.42 per cent in May.

The opposite condition of inflation is called deflation. It reduces production and employment as well as prices. The country has implemented a lockdown since March 25, 2020, which has also affected the compilation of statistics.

The Commerce Ministry had at that time released the composite figures of the Wholesale Price Index for the month of April, which included only food, basic commodities and fuel-power group figures.

Inflation, as measured by the Wholesale Price Index (WPI) for March, was 0.42 per cent, up from the previous high of 1 per cent on April 14, 2020, according to ministry data.

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