India WPI Deflation Deepest Since 1976
Indian wholesale prices fell 2.06 percent year-on-year in February of 2015, following a 0.39 percent drop in the previous month, as petrol prices declined while food cost slowed. The figure came far below market forecasts and is the deepest decline since November of 1976.
3/16/2015 8:29:31 AM
Year-on-year, petrol prices fell 21.35 percent, following a 17.08 percent drop in the previous month and cost of diesel decreased by 16.62 percent, following a 10.41 percent fall in January.
Food prices rose 7.74 percent, slowing from an 8.0 percent increase in January. Among food prices, onion recorded the highest increase (26.58 percent), followed by fruits (16.84 percent), vegetables (+15.54 percent), pulses (+14.59 percent), milk (+7.33 percent) and rice (+3.80 percent). In contrast, prices fell for fibres (-22.85 percent), non-food articles (-5.55 percent), potato (-3.56 percent), and wheat (-1.63 percent).
In February, cost of manufactured products edged up 0.33 percent, slowing from a 1.05 percent increase in the previous month.
On a monthly basis, wholesale prices declined 1.4 percent, following a 0.8 percent drop in January.