Wholesale prices in the country witnessed a deflation of 3.21 per cent in May due to sharp decline in prices of fuel and power, even as food articles turned expensive.
“The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at (-) 3.21 per cent (provisional) for May 2020 as compared to 2.79 per cent during the corresponding month of the previous year,” the commerce and industry ministry said in a statement.
Inflation in food articles during May stood at 1.13 per cent, as against 2.55 per cent in April. In fuel and power basket, deflation stood at 19.83 per cent in May, as against 10.12 per cent in the previous month.
Manufactured products witnessed a deflation of 0.42 per cent in May.
Due to the nationwide lockdown imposed since March 25, the ministry had released truncated WPI inflation data for April, with figures of food, primary articles and fuel, and power.
However, it has advised its field offices to collect price data through electronic means and the final index for the month would be released next month.
“Price data is collected from selected institutional sources and industrial establishments spread across the country online through web based portal maintained by the National Informatics Centre (NIC),” the ministry said.
The final print of March WPI inflation stood at 0.42 per cent as compared to its provisional levels of 1 per cent reported on April 14, 2020, the ministry said.
Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.