India’s wholesale prices declined at a faster-than-expected pace in August, preliminary figures from the Ministry of Commerce and Industry showed Monday.
The wholesale price index decreased sharply by 4.95 percent year-over-year in August, exceeding economists’ expectations for a 4.36 percent drop. In July, prices had fallen 4.05 percent.
Build up inflation in the financial year so far was 0.34 percent compared to a build up rate of 3.11 percent in the corresponding period of the previous year, the agency said.
The index for primary articles slipped 3.71 percent in August from a year ago, following a 3.66 percent fall in the preceding month. It was the fourth month of decline in a row.
The wholesale price inflation for food articles remained negative for the second straight month in August. It dropped 1.13 percent from the previous year, but slightly slower than the 1.66 percent decrease seen in July.
On a monthly basis, consumer prices went down 0.5 percent in August.
The material has been provided by InstaForex Company – www.instaforex.com