Wholesale Price Inflation Hits 13-Month Low Amid Food and Fuel Deflation

Wholesale price inflation plummeted to a notable 13-month low of 0.85% in April, influenced significantly by the reduced costs of food, fuel, and manufactured products, according to government data released Wednesday.

April saw a 0.86% deflation in food articles, representing a sharp decline from March's 1.57% inflation, with vegetables and fruits experiencing significant price drops. Fuel and power experienced a 2.18% deflation, in contrast to March's inflationary figures.

Crude oil prices maintained their position within the USD 60-65 per barrel range, pressured downward by OPEC+'s production announcements. Analysts predict the easing of inflation will open avenues for further rate cuts by the Reserve Bank, after recent reductions aimed at stimulating the economy.

(With inputs from agencies.)