NEW DELHI (Reuters) – India’s annual wholesale-price based index (WPI) fell for the first time in nearly 3 years in April, as prices softened across the board.
WPI fell by 0.92%, compared with March where it had risen 1.34%. The data was below Reuters poll that predicted a fall of 0.20%.
In April, the food index rose 0.17% year-on-year, from 2.32% in March, while fuel and power rose 0.93% from 8.96%.
WPI has been easing for the last 11 months from the 20-year highs of 16.63% recorded in May 2022.
The decline in the rate of inflation was broad based, primarily driven by falls in prices of crude, energy prices, non-food and food articles, the government said in the statement.
Data released on Friday showed India’s annual retail inflation eased to a 18-month low in April, staying well below the Reserve Bank of India’s (RBI) upper tolerance limit for the second consecutive month.
(This story has been corrected to say that the index fell ‘by’, not ‘to,’ in the headline and paragraph 2)
(Reporting by Aftab Ahmed and Shivangi Acharya; Editing by Kim Coghill)
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