India's July wholesale prices rise 2.04% on year
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India's wholesale price inflation slowed in July mainly due to a fall in vegetable prices, government data released on Wednesday showed.
The wholesale price index rose 2.04% in July from a year earlier, compared with a 3.36% rise in June. Economists polled by Reuters had expected a 2.39% gain during the month.
Last month, food prices rose 3.55% on year compared with an increase of 8.68% in June. Vegetable prices fell 8.93% on year against a 38.76% rise in the previous month.
Manufactured product prices rose 1.58% year-on-year against a 1.43% increase in the previous month. Fuel and power prices rose 1.72% compared with a 1.03% gain in June.
Earlier this week, data showed the country's retail inflation fell in July to a near five-year low, as food inflation eased from previous highs due to a base effect.
Despite food inflation cooling in July, most policymakers expect prices of cereals and vegetables to remain elevated through the year.
