May Wholesale Price Index inflation stands at -3.21%

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The annual rate of inflation based on monthly wholesale price index (WPI) stood at -3.21% for May as compared to 2.79% during the corresponding month of the previous year, the data released by the government on Monday showed.

However, due to limited information available for the month of April, the provisional figures of May are compared with final figures of March, according to an official statement issued by the Ministry of Commerce and Industry.

The Department of Promotion of Industry and Internal Trade (DPIIT) could not collect wholesale price data for April due to the nationwide lockdown imposed since March 25 to contain the spread of coronavirus pandemic.

“The official WPI for all commodities (base 2011-12=100) for May declined by 2.24% to 117.7 (provisional) from 120.4 (final) for March,” said the statement. The index for manufactured products with a weightage of 64.23% declined by 0.42% to 118.1 in May from 118.6 for March.

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Out of the 22 products, 10 groups witnessed an increase in prices. They include beverages, tobacco products, wearing apparel, leather and related products, wood and of products of wood and cork, paper and paper products, pharmaceuticals, medicinal chemical and botanical products, other non-metallic mineral products, motor vehicles, trailers and semi-trailers and other transport equipment.

The groups which witnessed a decline in prices were food products, textiles, printing and reproduction of recorded media, chemicals and chemical products, rubber and plastics products, manufacture of basic metals, fabricated metal products, except machinery and equipment, computer, electronic and optical products, electrical equipment, machinery and equipment.

The index for primary articles with a weightage of 22.62% declined by 0.87% to 136.2 in May 2020 from 137.4 for March. Prices of food articles increased whereas prices of crude petroleum and natural gas and non-food articles declined as compared to March.

The index for fuel and power with a weightage of 13.15% declined by 15.88% to 83.7 in May from 99.5 for March. Prices of mineral oils group declined while prices of coal and electricity remained unchanged.

(With ANI inputs)

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