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Wholesale price-based inflation falls 0.58 per cent in July 2020, food prices spike

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The wholesale price-based inflation declined 0.58 per cent in July, even as food items turned costlier. WPI inflation in June was at (-) 1.81 per cent, while for the month of May and April it was (-) 3.37 per cent and (-) 1.57 per cent respectively. “The annual rate of inflation, based on monthly WPI (Wholesale Price Index), stood at (- 0.58 per cent) (provisional) for the month of July, 2020 as compared to 1.17 per cent during the corresponding month of the previous year,” the commerce and industry ministry said in a statement.

Inflation in food articles during July stood at 4.08 per cent, as against 2.04 per cent in June. However, fuel and power basket inflation fell 9.84 per cent in July, compared to 13.60 per cent in the previous month. Manufactured products, however, witnessed inflation of 0.51 per cent in July, as against 0.08 per cent in June. The RBI in its policy review last week, kept interest rates unchanged and said it sees an upside risk to inflation. The apex bank expects retail inflation to moderate in October-March period. July retail inflation was at 6.93 per cent, as against 6.23 per cent in June.

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