India's wholesale price index fell 1.36% year-on-year in July, but the decline was smaller than expected because of higher prices for food and some commodities.
Economists polled by Reuters had estimated the wholesale price index for July would fall 2.70%. It fell 4.12% in June.
In July, fuel and power prices fell 12.79% from a year earlier, compared with a fall of 12.63% in June, and prices of primary articles rose 7.57% versus a fall of 2.87%. Food prices sharply rose 7.75% year-on-year, compared with a fall of 1.24% in June, and manufactured product prices fell 2.51% in July, against a 2.71% fall the previous month.
Inflation in Asia's third-largest economy has started to accelerate after showing signs of easing in the first few months of the year.of economists, India's retail inflation is likely to accelerate to 6.40% in July on surging food prices, breaching the upper end of the Reserve Bank of India's 2%-6% tolerance band for the first time in five months.
"Despite a favourable statistical base, the deflation of WPI has rapidly declined in July 2023 on account of a sharp sequential pick up in food prices, especially vegetable prices," said Rupa Rege Nitsure, group chief economist at L&T Finance. That vindicates the RBI's move to extend the "pause" and watch the situation carefully, she added.
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