Wholesale inflation shrinks 3.5% in May lowest in 8 years

Data released by the ministry of commerce and industry on Wednesday showed inflation, as measured by the Wholesale Price Index, contracted by 3.5% in May, sharper than the 0.9% decline recorded in April. The ministry said the decline in the rate of inflation in May is primarily contributed by fall in prices of mineral oils, basic metals, food products, crude petroleum & natural gas, and chemical & chemical products.

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