PR No – 143
14th August, 2024
New Delhi
The softening stance of WPI inflation inspiring: PHDCCI
The softening of WPI inflation from 3.3% in June 2024 to 2% in July, 2024 is inspiring. This is attributable to decline in inflation levels of food articles, especially vegetables and cereals, and crude petroleum & natural gas, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
Food inflation softened from more than 15% in July 2023 to 3.4% in July 2024. Sequentially, food inflation has softened from 10.8% in June 2024 to 3.4% in July 2024, supported by normal monsoon, said Mr. Agrawal.
The decline in crude petroleum & natural gas prices, from 12.5% in June 2024 to 9.1% in July 2024, led the WPI to soften, despite the continuing geo-political uncertainties, he said.
Going ahead, we expect the continuous softening of WPI inflation to reduce the costs of production levels and boost consumption demand in the country, said Mr. Agrawal.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry