WPI maintains the declining trend; falls to -3.48% in May, 2023

WPI maintains the declining trend; falls to -3.48% in May, 2023

Decline in the rate of inflation in May, 2023 primarily due to fall in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum & natural gas, and chemical & chemical products

Index Numbers of Wholesale Price in India for the Month of May, 2023 (Base Year: 2011-12)

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 3.48% (Provisional) for the month of May, 2023 (over May, 2022) against (-) 0.92% recorded in April, 2023. Decline in the rate of inflation in May, 2023 is primarily contributed by fall in prices of mineral oils, basic metals, food products, textiles, non-food articles, crude petroleum & natural gas, and chemical & chemical products. The index numbers and inflation rate for the last three months of all commodities and WPI components are given below:

Index Numbers & Annual Rate of Inflation (Y-o-Y in %)*
All Commodities/Major Groups	Weight (%)	Mar-23 (F)		Apr-23 (P)		May-23 (P)
All Commodities/Major Groups	Weight (%)	Index	Inflation	Index	Inflation	Index	Inflation
All Commodities	100.0	151.0	1.41	150.9	-0.92	149.6	-3.48
I. Primary Articles	22.62	175.2	2.52	177.3	1.60	175.3	-1.79
II. Fuel & Power	13.15	156.4	8.69	152.6	0.93	148.6	-9.17
III. Manufactured Products	64.23	141.3	-0.70	141.2	-2.42	140.7	-2.97
Food Index	24.38	172.1	2.32	173.6	0.17	172.8	-1.59

Note: P: Provisional, F: Final, * Annual rate of WPI inflation calculated over the corresponding month of previous year

2. The month over month change in WPI for the month of May, 2023 stood at (-) 0.86 % as compared to April, 2023. The monthly change in WPI for the last six-month is summarized below:

Month Over Month (M-o-M in %) change in WPI^#
All Commodities/Major Groups	Weight	Dec-22	Jan-23	Feb-23	Mar-23	Apr-23 (P)	May-23 (P)
All Commodities	100.0	-1.31	0.13	0.13	0.07	-0.07	-0.86
I. Primary Articles	22.62	-3.08	0.81	-0.40	0.92	1.20	-1.13
II. Fuel & Power	13.15	-2.95	-1.52	1.29	-0.76	-2.43	-2.62
III. Manufactured Products	64.23	-0.14	0.21	0.14	-0.21	-0.07	-0.35
Food Index	24.38	-2.40	0.47	-0.12	0.47	0.87	-0.46

Note: P: Provisional, # Monthly rate of change, based on month over month (M-o-M) WPI calculated over the preceding month

Month over Month Change in Major Groups of WPI:

Primary Articles (Weight 22.62%):- The index for this major group declined by 1.13% to 175.3 (provisional) in May, 2023 from 177.3 (provisional) for the month of April, 2023. Prices of Minerals (0.90%) increased in May, 2023 as compared to April, 2023. Prices of Food Articles (-0.22%), Non-food Articles (-1.87%) and Crude Petroleum & Natural Gas (-7.81%) declined in May, 2023 as compared to April, 2023.

Fuel & Power (Weight 13.15%):- The index for this major group declined by 2.62% to 148.6 (provisional) in May, 2023 from 152.6 (provisional) for the month of April, 2023. Prices of Coal (-0.67%), Mineral Oils (-2.01%) and Electricity (-5.46%) declined in May, 2023 as compared to April, 2023.

Manufactured Products (Weight 64.23%):- The index for this major group has declined by 0.35% to 140.7 (provisional) in May, 2023 from 141.2 (provisional) for the month of April, 2023. Out of the 22 NIC two-digit groups for Manufactured products, 7 groups have witnessed an increase in prices, whereas 11 groups have witnessed a decrease in prices. The groups that have recorded major increase in prices are electrical equipment; pharmaceuticals, medicinal, chemical and botanical products; tobacco products; wood and products of wood & cork; leather and related products; beverages, etc. Some of the groups that have witnessed a decrease in prices are basic metals; food products; textiles; chemical and chemical products, other manufacturing etc. in May, 2023 as compared to April, 2023.

WPI Food Index (Weight 24.38%): The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group has decreased from 173.6 in April, 2023 to 172.8 in May, 2023. The rate of inflation based on WPI Food Index decreased from 0.17% in April, 2023 to (-) 1.59% in May, 2023.

Final index for the month of March, 2023 (Base Year: 2011-12=100): For the month of March, 2023 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 151.0 and 1.41% respectively. The details of all India Wholesale Price Indices and Rates of Inflation for different commodity groups based on updated figures are at Annex I. The Annual rate of Inflation (Y-o-Y) based on WPI for different commodity groups in the last six months are at Annex II. The WPI for different commodity groups in the last six months is at Annex III.

Response Rate: The WPI for May, 2023 have been compiled at a weighted response rate of 89.8 percent, while the final figure for March, 2023 is based on the weighted response rate of 92 percent. The provisional figures of WPI will undergo revision as per the final revision policy of WPI. This press release, item indices, and inflation numbers are available at our home page http://eaindustry.nic.in.

Next date of Press Release: WPI for the month of June, 2023 would be released on 14/07/2023.

Note: The DPIIT releases index numbers of wholesale price in India on monthly basis on 14th of every month (or next working day) with a time lag of two weeks of the reference month, and the index numbers are compiled with data received from institutional sources and selected manufacturing units across the country. This press release contains WPI (Base Year 2011-12=100) for the month of May, 2023 (Provisional), March, 2023 (Final) and other months/years. Provisional figures of WPI are finalised after 10 weeks (from the month of reference), and then frozen thereafter.

Annex-I

All India Wholesale Price Indices and Rates of Inflation (Base Year: 2011-12=100) for May, 2023

Commodities/Major Groups/Groups/Sub-Groups/Items	Weight	Index (May-23)*	Latest month over month		Cumulative Inflation (YoY)		WPI based rate of Inflation (YoY)
Commodities/Major Groups/Groups/Sub-Groups/Items	Weight	Index (May-23)*	2022-2023	2023-2024*	2022-2023	2023-2024*	May-22	May-23*
ALL COMMODITIES	100.0	149.6	1.77	-0.86	16.01	-2.21	16.63	-3.48
I. PRIMARY ARTICLES	22.62	175.3	2.29	-1.13	17.00	-0.11	18.84	-1.79
A. Food Articles	15.26	181.1	1.77	-0.22	10.12	2.52	11.78	1.51
Cereals	2.82	183.1	0.53	-0.22	8.06	7.29	8.08	6.89
Paddy	1.43	177.2	0.43	0.62	1.63	7.22	1.79	7.33
Wheat	1.03	184.8	0.46	-0.59	10.81	6.71	10.61	6.15
Pulses	0.64	183.5	-0.69	-0.49	-1.72	5.66	-3.07	5.76
Vegetables	1.87	179.1	20.09	-2.61	39.48	-11.66	57.55	-20.12
Potato	0.28	188.6	19.28	19.22	25.33	-18.69	30.34	-18.71
Onion	0.16	129.2	-11.56	0.54	-12.47	-13.17	-20.40	-7.25
Fruits	1.60	193.6	-10.09	-3.97	8.32	-1.47	5.91	1.95
Milk	4.44	175.1	0.37	0.11	5.68	6.97	5.81	6.83
Eggs, Meat & Fish	2.40	177.2	2.36	3.69	5.50	1.43	6.37	2.07
B. Non-Food Articles	4.12	162.7	1.35	-1.87	24.01	-8.09	24.07	-9.56
Oil Seeds	1.12	188.7	-1.54	-1.67	11.44	-15.59	7.08	-15.65
C. Minerals	0.83	224.5	0.96	0.90	17.26	6.84	23.00	6.80
D. Crude Petroleum & Natural Gas	2.41	142.9	8.52	-7.81	74.34	-6.32	79.50	-13.66
Crude Petroleum	1.95	119.2	10.86	-10.64	72.27	-18.67	78.67	-27.01
II. FUEL & POWER	13.15	148.6	8.20	-2.62	43.94	-4.32	49.00	-9.17
LPG	0.64	117.1	3.41	-12.61	43.02	-17.54	47.71	-24.35
Petrol	1.60	157.1	10.44	-1.50	65.96	-4.23	71.10	-9.45
HSD	3.10	169.5	20.67	-1.28	80.14	-8.67	92.01	-17.03
III. MANUFACTURED PRODUCTS	64.23	140.7	0.21	-0.35	10.83	-2.69	10.27	-2.97
Mf/o Food Products	9.12	159.1	0.53	-0.75	9.37	-6.25	8.58	-6.85
Vegetable and Animal Oils & Fats	2.64	150.5	1.38	-3.59	13.54	-27.74	11.83	-29.54
Mf/o Beverages	0.91	131.0	0.55	0.08	1.83	2.26	2.07	2.02
Mf/o Tobacco Products	0.51	171.2	-0.18	1.48	2.91	3.34	3.14	4.20
Mf/o Textiles	4.88	136.2	1.85	-0.87	14.42	-7.03	15.56	-8.28
Mf/o Wearing Apparel	0.81	149.3	0.14	-0.33	4.64	2.01	4.86	1.77
Mf/o Leather and Related Products	0.54	123.0	0.33	0.57	1.98	1.20	1.59	1.32
Mf/o Wood and Products of Wood and Cork	0.77	144.4	-2.95	0.91	3.98	-0.07	2.46	1.91
Mf/o Paper and Paper Products	1.11	146.4	1.69	-0.14	16.80	-5.48	17.87	-6.33
Mf/o Chemicals and Chemical Products	6.47	140.2	0.89	-0.50	14.16	-3.96	14.49	-4.63
Mf/o Pharmaceuticals, Medicinal Chemical and Botanical Products	1.99	143.1	-0.36	0.42	2.61	2.48	1.61	2.88
Mf/o Rubber and Plastics Products	2.30	128.0	0.23	-0.31	8.34	-2.77	8.91	-3.03
Mf/o other Non-Metallic Mineral Products	3.20	134.5	1.07	-0.30	8.38	2.67	9.10	1.97
Cement, Lime and Plaster	1.64	136.8	2.02	-0.65	8.36	1.86	9.76	0.51
Mf/o Basic Metals	9.65	143.7	-1.86	-1.17	21.86	-9.49	18.50	-9.17
Mild Steel - Semi Finished Steel	1.27	122.9	-0.89	-0.32	16.43	-8.07	13.93	-7.80
Mf/o Fabricated Metal Products, except Machinery and Equipment	3.15	139.6	1.30	0.65	12.16	-0.39	11.15	-0.71

Note: * = Provisional, Mf/o = Manufacture of

Annex-II

Commodities/Major Groups/Groups/Sub-Groups/Items	Weight	WPI based inflation figures for last 6 months
Commodities/Major Groups/Groups/Sub-Groups/Items	Weight	Dec-22	Jan-23	Feb-23	Mar-23	Apr-23*	May-23*
ALL COMMODITIES	100.0	5.02	4.80	3.85	1.41	-0.92	-3.48
I. PRIMARY ARTICLES	22.62	2.67	4.06	3.64	2.52	1.60	-1.79
A. Food Articles	15.26	-1.02	2.67	3.81	5.42	3.54	1.51
Cereals	2.82	14.06	15.59	13.95	9.48	7.69	6.89
Paddy	1.43	6.83	7.18	8.60	7.54	7.12	7.33
Wheat	1.03	20.78	23.88	18.48	9.16	7.27	6.15
Pulses	0.64	1.66	2.36	2.59	3.03	5.55	5.76
Vegetables	1.87	-36.31	-26.69	-21.58	-2.39	-1.50	-20.12
Potato	0.28	20.09	7.51	-14.42	-25.59	-18.66	-18.71
Onion	0.16	-27.39	-24.48	-40.22	-36.83	-18.41	-7.25
Fruits	1.60	1.71	4.51	7.32	4.89	-4.55	1.95
Milk	4.44	8.01	9.85	10.33	8.48	7.10	6.83
Eggs, Meat & Fish	2.40	3.41	2.66	1.49	1.36	0.77	2.07
B. Non-Food Articles	4.12	4.01	4.70	0.00	-4.51	-6.59	-9.56
Oil Seeds	1.12	-4.95	-4.36	-7.38	-15.05	-15.54	-15.65
C. Minerals	0.83	-0.39	-9.97	-3.33	-2.84	6.87	6.80
D. Crude Petroleum & Natural Gas	2.41	39.43	23.79	14.47	-1.19	1.64	-13.66
Crude Petroleum	1.95	21.92	5.01	-10.22	-23.53	-9.44	-27.01
II. FUEL & POWER	13.15	18.09	15.00	13.96	8.69	0.93	-9.17
LPG	0.64	-14.76	-8.30	-7.12	3.31	-10.49	-24.35
Petrol	1.60	16.83	15.54	15.24	6.48	1.53	-9.45
HSD	3.10	35.49	28.47	24.61	11.85	1.42	-17.03
III. MANUFACTURED PRODUCTS	64.23	3.37	3.06	1.94	-0.70	-2.42	-2.97
Mf/o Food Products	9.12	4.47	3.95	0.87	-2.96	-5.65	-6.85
Vegetable and Animal Oils & Fats	2.64	-6.33	-8.13	-14.31	-22.02	-25.91	-29.54
Mf/o Beverages	0.91	1.49	1.96	2.12	2.60	2.51	2.02
Mf/o Tobacco Products	0.51	2.59	3.24	4.19	4.19	2.49	4.20
Mf/o Textiles	4.88	-1.15	-2.21	-3.65	-4.93	-5.76	-8.28
Mf/o Wearing Apparel	0.81	3.39	3.04	3.46	3.38	2.25	1.77
Mf/o Leather and Related Products	0.54	1.42	0.25	0.74	1.58	1.07	1.32
Mf/o Wood and Products of Wood and Cork	0.77	0.42	0.85	-0.21	-0.97	-1.99	1.91
Mf/o Paper and Paper Products	1.11	5.10	4.36	3.28	-1.01	-4.62	-6.33
Mf/o Chemicals and Chemical Products	6.47	5.26	4.22	2.59	-0.07	-3.29	-4.63
Mf/o Pharmaceuticals, Medicinal Chemical and Botanical Products	1.99	3.81	3.72	3.26	2.68	2.08	2.88
Mf/o Rubber and Plastics Products	2.30	0.79	1.02	1.10	-1.31	-2.51	-3.03
Mf/o other Non-Metallic Mineral Products	3.20	7.75	7.55	6.79	5.40	3.37	1.97
Cement, Lime and Plaster	1.64	8.26	9.37	8.18	6.24	3.22	0.51
Mf/o Basic Metals	9.65	0.92	1.68	-0.14	-7.17	-9.80	-9.17
Mild Steel - Semi Finished Steel	1.27	3.21	3.57	1.55	-4.76	-8.33	-7.80
Mf/o Fabricated Metal Products, except Machinery and Equipment	3.15	3.68	3.53	4.19	2.88	-0.07	-0.71

Note: * = Provisional, Mf/o = Manufacture of

Annex-III

Commodities/Major Groups/Groups/Sub-Groups/Items	Weight	WPI for last 6 months
Commodities/Major Groups/Groups/Sub-Groups/Items	Weight	Dec-22	Jan-23	Feb-23	Mar-23	Apr-23*	May-23*
ALL COMMODITIES	100.0	150.5	150.7	150.9	151.0	150.9	149.6
I. PRIMARY ARTICLES	22.62	172.9	174.3	173.6	175.2	177.3	175.3
A. Food Articles	15.26	174.9	176.6	176.9	178.8	181.5	181.1
Cereals	2.82	185.8	189.1	187.1	183.6	183.5	183.1
Paddy	1.43	173.7	174.6	175.6	175.4	176.1	177.2
Wheat	1.03	198.2	203.9	196.8	187.1	185.9	184.8
Pulses	0.64	178.1	178.1	178.0	180.4	184.4	183.5
Vegetables	1.87	179.1	173.0	166.8	175.7	183.9	179.1
Potato	0.28	251.7	184.6	146.0	135.2	158.2	188.6
Onion	0.16	194.3	200.5	159.5	138.1	128.5	129.2
Fruits	1.60	166.1	169.1	180.3	186.6	201.6	193.6
Milk	4.44	169.9	172.9	174.1	175.3	174.9	175.1
Eggs, Meat & Fish	2.40	167.0	170.0	169.8	171.9	170.9	177.2
B. Non-Food Articles	4.12	171.2	173.7	170.2	167.1	165.8	162.7
Oil Seeds	1.12	199.7	201.6	199.5	192.5	191.9	188.7
C. Minerals	0.83	203.9	202.3	217.5	222.4	222.5	224.5
D. Crude Petroleum & Natural Gas	2.41	152.4	151.4	143.2	149.8	155.0	142.9
Crude Petroleum	1.95	126.8	125.8	115.9	123.8	133.4	119.2
II. FUEL & POWER	13.15	158.0	155.6	157.6	156.4	152.6	148.6
LPG	0.64	116.7	120.5	117.4	137.4	134.0	117.1
Petrol	1.60	155.5	156.1	160.3	159.4	159.5	157.1
HSD	3.10	184.4	181.4	183.8	176.5	171.7	169.5
III. MANUFACTURED PRODUCTS	64.23	141.1	141.4	141.6	141.3	141.2	140.7
Mf/o Food Products	9.12	163.6	163.1	161.9	160.8	160.3	159.1
Vegetable and Animal Oils & Fats	2.64	168.7	166.1	162.9	157.9	156.1	150.5
Mf/o Beverages	0.91	129.1	129.8	130.3	130.3	130.9	131.0
Mf/o Tobacco Products	0.51	166.1	165.9	166.5	169.2	168.7	171.2
Mf/o Textiles	4.88	137.6	137.1	137.2	136.8	137.4	136.2
Mf/o Wearing Apparel	0.81	149.6	149.1	149.7	150.0	149.8	149.3
Mf/o Leather and Related Products	0.54	121.5	121.2	122.2	122.3	122.3	123.0
Mf/o Wood and Products of Wood and Cork	0.77	143.1	143.1	142.6	143.0	143.1	144.4
Mf/o Paper and Paper Products	1.11	148.4	148.3	148.0	147.0	146.6	146.4
Mf/o Chemicals and Chemical Products	6.47	144.0	143.3	142.8	142.2	140.9	140.2
Mf/o Pharmaceuticals, Medicinal Chemical and Botanical Products	1.99	141.8	142.2	142.4	141.7	142.5	143.1
Mf/o Rubber and Plastics Products	2.30	128.1	128.6	128.7	128.3	128.4	128.0
Mf/o other Non-Metallic Mineral Products	3.20	134.8	135.3	135.3	134.6	134.9	134.5
Cement, Lime and Plaster	1.64	137.6	138.9	138.9	137.9	137.7	136.8
Mf/o Basic Metals	9.65	143.2	145.5	146.9	146.2	145.4	143.7
Mild Steel - Semi Finished Steel	1.27	122.0	124.9	124.8	126.0	123.3	122.9
Mf/o Fabricated Metal Products, except Machinery and Equipment	3.15	138.0	137.9	139.1	139.2	138.7	139.6

Note: * = Provisional, Mf/o = Manufacture of

Wholesale price inflation trend weakens as broad based commodity price declines reduce annual WPI, signalling deflationary pressure. WPI recorded a provisional year on year decline of 3.48% in May 2023 and a month on month fall of 0.86%. The drop was led by lower prices in mineral oils, basic metals, food products, textiles, non food articles, crude petroleum & natural gas, and chemical products. Major groups registered year on year declines: Primary Articles -1.79%, Fuel & Power -9.17%, and Manufactured Products -2.97%. The WPI Food Index fell to a negative year on year rate of -1.59%. Provisional figures for May were compiled at an 89.8% weighted response rate and remain subject to revision.

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WPI maintains the declining trend; falls to -3.48% in May, 2023

June 14, 2023

Wholesale price inflation trend weakens as broad based commodity price declines reduce annual WPI, signalling deflationary pressure.

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June 14, 2023

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Wholesale price inflation trend weakens as broad based commodity price declines reduce annual WPI, signalling deflationary pressure.

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