India Wholesale Price Inflation Eases More Than Expected

India's wholesale price inflation slowed for the second straight month in July, and at a faster-than-expected pace, provisional data from the Ministry of Commerce and Industry revealed on Tuesday.

The wholesale price index climbed 13.93 percent year-over-year in July, following a 15.18 rise in June. Economists had expected inflation to ease to 14.20 percent.

The overall inflation was primarily driven by a 43.75 percent jump in fuel and power prices.

Prices for primary articles grew 15.04 percent and those for manufactured products gained 8.16 percent, slower than the previous month's 9.19 percent spike.

Inflation based on food prices moderated to 9.41 percent in July from 12.41 percent in June, and costs for non-food articles logged an annual growth of 12.81 percent.

On a monthly basis, wholesale prices dropped 0.13 percent in July, after a 0.65 percent decline in the prior month. This was the second successive monthly fall.

Data released last week showed that consumer price inflation eased to 6.71 percent in July from 7.01 percent in June.

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