PR No – 159
17th September, 2024
New Delhi
Continuous softening of WPI encouraging: PHDCCI
The softening of WPI inflation from 2% in July 2024 to 1.3% in August 2024, on the back of decline in prices of food articles, especially vegetables and milk is encouraging, said Mr. Sanjeev Agrawal, President, PHDCCI, in a press statement issued here today.
Food inflation softened from 3.4% in July 2024 to 3.1% in August 2024, supported by an above-normal monsoon. Food inflation reduced sequentially from 11.1% in June 2024 to 3.4% in July 2024, said Mr. Agrawal.
WPI softened as a result of decline in natural gas and crude oil prices, which went from 9.1% in July 2024 to 1.7% in August 2024, amidst deepening geo-political uncertainties, he said.
Going forward, we anticipate continuous softening in WPI inflation leading to a reduction in production costs and increase in demand for consumption within the country, said Mr. Agrawal.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry