India’s wholesale inflation in July rises 9.78% year-on-year, lower than expected

(1) India's wholesale price index in July rose by 9.78% year-on-year, lower than the market expectation of 9.95%, and compared to the previous value of 9.87% (the fastest growth since September 2022). This month's increase is the lowest since April. (2) Fuel price growth slowed from 27.41% in June to 20.05%, mainly due to the slowdown in mineral oil price growth from 46.48% to 32.4%, and crude oil and natural gas price growth from 34.75% to 26.99%. Food price growth slightly eased to 5.44%, down from the previous value of 5.49%, hitting a three-month low. (3) Manufacturing inflation accelerated from 7.48% to 8.29%, the fastest since June 2022, with tobacco products, chemical products, basic metals, textiles, and rubber and plastics industries leading the gains. Data compiled based on the new 2022-23 benchmark year.