New Delhi, Aug 14 (KNN) Owing to sharp decline in fuel and power prices and moderate reduction in manufactured products, the rate of inflation, based on monthly Whole Sale Price Index (WPI) has declined to 1.08% in the month of July 2019.

According to data released, the annual rate of inflation, based on monthly WPI, stood at 1.08 per cent for the month of July, as compared to 2.02 per cent in June, and 5.27 per cent during the corresponding month last year.

Manufacturing inflation, which contributes around 64 per cent to the wholesale price index, dropped from 0.34 per cent in July, as compared to 0.94 per cent in June 2019.  

In the manufactured products segment, prices of chemical & chemical products slowed down to 0.42 per cent from 1.45 per cent, textiles prices slowed down to 1.36 per cent from 2.67 per cent, while prices for basic metals further slowed down to -4.27 per cent.

Wholesale prices of food grew at 6.15 per cent in July, as compared to 6.98 per cent in the previous month. Similarly, the wholesale prices of fuel grew at -3.64, in comparison to -2.2 per cent in the same period.