India Wholesale Prices Fall 0.58% In July

(RTTNews) - India's wholesale prices decreased for the second straight month in July and at the fastest pace in two years, provisional data from the Ministry of Commerce and Industry revealed on Thursday.

The wholesale price index, or WPI, dropped 0.58 percent year-over-year in July, following a 0.13 percent fall in June. Economists had expected a decline of 0.30 percent.

The decline in food prices deepened to 2.15 percent from 0.26 percent. Similarly, prices for primary articles fell 4.95 percent annually in July versus a 3.38 percent decrease a month ago, and costs for fuel and power also showed a further decline of 2.43 percent.

On the other hand, the annual price growth of manufactured products rose to 2.05 from 1.97 percent.

On a monthly basis, wholesale prices moved up 0.39 percent from June, when they increased by 0.07 percent.

Official data revealed earlier this week showed that India's consumer price inflation eased more-than-expected in July to the lowest level in just over eight years, to 1.55 percent from 2.10 percent in June amid a continued fall in food prices.