Bengaluru (Aryavarth): The Wholesale Price Index (WPI) in India continued its declining trend in May 2023, falling to -3.48% compared to the same period last year, according to data released by the Ministry of Commerce & Industry. This decline in the rate of inflation is primarily attributed to the fall in prices of various commodities including mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum & natural gas, and chemical & chemical products. The WPI is a measure of the average change in prices of goods traded in bulk and at a wholesale level. The provisional WPI for May 2023 stands at 149.6, indicating a decrease of 3.48% compared to May 2022. In April 2023, the WPI recorded a decline of 0.92%. This indicates a further decrease in the rate of inflation in the country. A closer look at the index numbers reveals the performance of different commodity groups. The primary articles group, which carries a weightage of 22.62%, experienced a decrease in the WPI by 1.79% in May 2023 compared to April 2023. Within this group, the prices of minerals increased by 0.90% while the prices of food articles, non-food articles, and crude petroleum & natural gas declined by -0.22%, -1.87%, and -7.81% respectively. The fuel & power group, with a weightage of 13.15%, witnessed a decline of 9.17% in the WPI for May 2023 compared to April 2023. The prices of coal, mineral oils, and electricity recorded a decrease of -0.67%, -2.01%, and -5.46% respectively during the same period. The manufactured products group, which carries the highest weightage of 64.23%, experienced a decline of 2.97% in the WPI for May 2023. Within this group, seven out of the 22 NIC two-digit groups witnessed an increase in prices, while 11 groups recorded a decrease. The groups that saw a major increase in prices include electrical equipment, pharmaceuticals, medicinal, chemical and botanical products, tobacco products, wood and products of wood & cork, leather and related products, and beverages. On the other hand, the groups that witnessed a decrease in prices include basic metals, food products, textiles, and chemical and chemical products. The food index, which consists of 'Food Articles' from the primary articles group and 'Food Product' from the manufactured products group, decreased from 173.6 in April 2023 to 172.8 in May 2023. The rate of inflation based on the WPI Food Index also decreased from 0.17% in April 2023 to -1.59% in May 2023. These figures reflect the overall downward trend in wholesale prices across different commodity groups. The final index for the month of March 2023, based on the 2011-12=100 base year, stood at 151.0 with an inflation rate of 1.41%. The Ministry of Commerce & Industry compiled these figures with data received from institutional sources and selected manufacturing units across the country. It is important to note that the provisional figures of WPI are subject to revision as per the final revision policy. The next press release on the WPI for the month of June 2023 is scheduled to be released on 14th July 2023. Get our Digital Edition at Rs 1100 per year. 51% used for Gau Seva, 49% used for our operations. Subscribe here - pages.razorpay.com/TAVEDE
WPI Declines to -3.48% in May 2023
The WPI is a measure of the average change in prices of goods traded in bulk and at a wholesale level.
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