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Continuing its downward trend, the annual rate of inflation based on all India Wholesale Price Index (WPI) numbers fell – 3.48% (Provisional) for the month of May, 2023 (over May, 2022) against –  0.92% recorded in April, 2023. The 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 month over month change in WPI for the month of May, 2023 stood at – 0.86 % as compared to April, 2023. 

The index for primary articles 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 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 fell 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 increases 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.