Inflation at the wholesale level slowed to 5.09% in July largely due to a cooling down of food price inflation, according to official data released on Tuesday. The Wholesale Price Index (WPI) based inflation was lower than June’s 5.77%. The primary articles category saw growth slowing significantly to 1.73%, from 5.3% a month earlier. This was largely due to a 2.16% contraction in food prices, compared with June’s growth of 1.8%. “The softening of the WPI inflation print is very good news,” Chandrajit Banerjee, Director General, CII, wrote in a note. “Hopefully, this is the beginning of a downswing in prices.”
