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April WPI falls 0.92% on year vs 1.34% rise in March
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April food WPI up 0.17% vs 2.32% in March
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WPI easing for the last 11 months
(Adds economist quote in paragraphs 4-5)
NEW DELHI, May 15 (Reuters) - India's annual wholesale
price index (WPI) fell for the first time in nearly three years
in April, as prices softened across the board.
WPI fell by 0.92% from the same month a year
earlier, having risen 1.34% in March. The data compared with a
Reuters poll that predicted a fall of 0.20%.
In April, the food index rose 0.17% year-on-year, compared with 2.32% in March, while fuel and power rose 0.93% as against a 8.96% rise in the previous month. "High base effect and falling commodity prices will lend downward pressure on WPI inflation this year," said Madan Sabnavis, an economist at Bank of Baroda. Low commodity prices will bring down prices of manufactured goods, Sabnavis said. 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 a statement. Data released on Friday showed India's annual retail inflation eased to an 18-month low in April, staying well below the Reserve Bank of India's (RBI) upper tolerance limit for the second consecutive month. (Reporting by Aftab Ahmed, Nikunj Ohri; Editing by Kim Coghill and Christopher Cushing)
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