According to government data released on Monday, the Wholesale Price Index (WPI)-based inflation fell to a 29-month low of 1.34% in March 2023 as the cost of essential metals and food items fell. This is the 10th month in a row that WPI-based inflation has decreased.
According to a statement from the Ministry of Commerce & Industry, the decline in the rate of inflation in March 2023 was primarily caused by lower prices for basic metals, food products, textiles, non-food items, minerals, rubber & plastic products, crude oil & natural gas, and paper and paper products.
Before products are sold at retail, their entire price is tracked by a wholesale pricing index (WPI).
India's CPI-based retail inflation also decreased in March to a 16-month low of 5.66% as food expenses decreased due to decreasing vegetable costs, which were partially offset by rising grain prices.