India's wholesale inflation for June 2023 declined to -4.12 percent. In the previous month, the wholesale inflation had come down to -3.48 percent, the lowest since November 2015.

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"The decline in the rate of inflation in June 2023 is primarily due to fall in prices of mineral oils, food products, basci metals, crude petroleum and natural gas and textiles," the commerce and industry's ministry's departmetn for promotion of industry and internal trade said in a statement.

The Wholesale Price Index or WPI measures the change in prices of goods that wholesale businesses sell to and trade in bulk with other companies. WPI tracks factory gate prices before retail prices.

India's food inflation for June gained to -1.24 percent from the previous month's -1.59 percent, while fuel and power's declined to -12.63 percent. Inflation for both, potato and onion, declined to -21.27 percent (from -18.71 percent) and -4.31 percent (from -7.25 percent), respectively.

The June 2023 WPI inflation is the lowest since October 2015. However, food inflation is up 1.39 percent from the previous month.

India's retail inflation, which is tracked more closely given its importance, released on July, and it witnessed a gain till 4.81 percent for June. This marked an increase from the previous month's figure of 4.31 percent. The inflation rate for June, however, remained within the tolerance range set by the Reserve Bank of India (RBI).

First Published:Jul 14, 2023 12:16 PM IST