Due to lower costs for food, gasoline, and manufactured goods, the WPI, or Wholesale Price Index, based inflation in May 2023 fell to a seven-and-a-half-year low of (-) 3.48 percent. This is the second month in a row that the wholesale inflation rate has been negative.
The government statistics, which the RBI MPC uses to determine monetary policy, showed retail inflation decreased to a 25-month low of 4.25 percent in May. The WPI was released only a few days later.
