India's wholesale price index-based inflation (WPI) provisionally stood at -2.33 per cent for March, government data showed on Wednesday. This compares with -2.06 per cent for February and 6 per cent for the same period last year.
This is the fifth consecutive month of deflation in wholesale prices, a clear reflection of lower commodity prices. However, the damage to crops due to unseasonal rains seems not to have reflected upon the March numbers. The fall was greater than anticipated as analysts polled by Reuters expected inflation for the month to be down 1.95 per cent.
WPI for primary articles, which account for 20 per cent of the index, remained flat, while manufactured products, accounting for 65 per cent of the index, fell marginally at -0.19 per cent compared to the same period last year.
On Monday, data showed that Consumer Price Index-based (CPI) inflation for March eased to 5.17 per cent, the lowest in three months, aided by lower food prices in spite of crop damage due to unseasonal rains.
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