India's wholesale prices declined for the fifth successive month in August, though at a slower-than-expected pace, provisional data from the Ministry of Commerce and Industry revealed on Thursday.
The wholesale price index, or WPI, dropped 0.52 percent year-over-year in August, following a 1.36 percent decrease in July. Economists had expected a 0.6 percent fall.
The overall downward trend was primarily due to the fall in prices of mineral oils, basic metals, chemical and chemical products, textiles, and food products, the ministry said.
Costs for fuel and power dropped 6.03 percent in August from last year, versus a 12.79 percent fall a month ago. Data showed that prices for manufactured products continued to slide by 2.37 percent.
At the same time, food prices rose 5.62 percent over the year, but the pace of decline eased from 7.57 percent in July.
On a monthly basis, consumer prices moved up 0.33 percent in August, in contrast to a 0.33 percent decrease in the prior month.
Data released earlier this week showed that India's consumer price inflation softened somewhat to 6.83 percent in August from 7.44 percent in July.
Nonetheless, inflation remained above the central bank's tolerance band of 2-6 percent for the second straight month.
