• UGI USER
  • May 20, 2023
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WPI Inflation Rate

News: The WPI inflation rate has reached its lowest level since July 2020.

The Wholesale Price Index (WPI)-based INFLATION RATE dropped to a nearly three-year low of (-) 0.92% in April, entering negative territory for the first time in 33 months, according to statistics issued by the Ministry of Commerce and Industry.

Food, gasoline, and other input cost inflation were reduced as a result of a high base effect and a slowdown in global commodity prices.

The drop in prices of basic metals, food items, mineral oils, textiles, non-food items, etc. was the main factor contributing to the decline in the WPI inflation rate in April 2023.

WPI, or the wholesale price index

 

The wholesale price index (WPI) depicts the cost of goods that are sold in bulk and transacted between businesses as opposed to consumers.

A total of 697 elements make up the index, including fuel and power (16), manufactured goods (564), and primary articles (117).

The rate of inflation for a given year is calculated as the percentage rise in WPI over that year.

WPI’s 2011–12 base year is currently used.

In India, the WPI is a key indicator of inflation.