In a positive development for the Indian economy, inflation based on wholesale price index (WPI) slowed down in the month of July 2024 to 2.04% from 3.36% in June 2024, on account of fall in prices of basic metals, machinery and equipment.
The Component wise, primary articles index, having weight of 22.62%, increased 3.13% to 197.6 (provisional) in July 2024 from 191.6 (provisional) for the month of June 2024, on the back of rise in prices of food articles, crude petroleum & natural gas, minerals and non-food articles. Fuel & Power index, having weight of 13.15%, increased 0.14% to 147.9 (provisional) in July 2024 from 147.7 (provisional) for the month of June 2024, as prices of mineral oils increased in the reported month.
Further, Manufactured Products constituting the major portion of the index with weight of 64.23%, declined by 0.14% to 141.7 (provisional) in July, 2024 from 141.9 (provisional) for the month of June 2024, as there was a decrease in prices of basic metals; other non-metallic mineral products; computer, electronic and optical products; machinery and equipment; furniture etc. in July 2024. Meanwhile, for the month of May 2024 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 153.5 and 2.74% respectively.
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