Big relief to common people, wholesale inflation in minus for 5th consecutive month in August - Newztezz Online

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Thursday, September 14, 2023

Big relief to common people, wholesale inflation in minus for 5th consecutive month in August

Wholesale inflation has given great relief to the common people and the government for the 5th consecutive month. In the month of August, wholesale inflation remained below 0 to 0.52 percent. However, in the month of July this rate was more than one percent lower.

After retail inflation, the country and the government have got a big relief on the wholesale inflation front. According to the Department for Promotion of Industry and Internal Trade, inflation remained below zero in August. This is the fifth consecutive month when the wholesale inflation figure has been in minus. According to the data, the wholesale inflation figure has been seen at percent in the month of August. Which has increased slightly as compared to July. Recently, retail inflation figures have also come out. Due to softening of vegetable prices, retail inflation has come down from 7 percent to 6.83 percent. However, retail inflation still remains below the tolerance level of RBI. The objective of which is to ensure that inflation remains at 4 percent with a margin of 2 percent on both sides.

Wholesale inflation in minus for 5th consecutive month

According to the data of Department for Promotion of Industry and Internal Trade, wholesale inflation in India has decreased by 0.52 percent in August after a decline of 1.36 percent in July. Wholesale inflation figures have been seen in minus for five consecutive months. In a survey conducted by Reuters, economists had estimated that WPI could be 0.6 percent less than zero in August. The wholesale inflation rate in June was (-) 4.12 percent, which was (-) 3.48 percent in May and (-) 0.79 percent in April.

What has RBI estimated?

RBI has estimated CPI inflation to be 5.4 percent for the financial year 2023-24, of which 6.2 percent has been estimated for the second quarter, 5.7 percent for the third quarter and 5.2 percent for the fourth quarter. The government publishes wholesale price index data on a monthly basis on the 14th of each month (or the next working day). Data from institutional sources and special manufacturing facilities across the country are used for the index number.

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