The June WPI inflation came in lower-than-expected at 5.43 per cent versus 6.01 per cent in May. However, the April WPI data has been revised higher to 5.55 per cent (from 5.20 per cent) which resulted in market selling off the gains made from positive June WPI news.
The core inflation for the month of June too spiked to 3.9 per cent versus 3.8 per cent month-on-month that killed the initial euphoria.
The wholesale price index (WPI) is based on the wholesale price of a few relevant commodities of over 240 commodities available. The street was expecting it at 5.61 per cent.
Food articles inflation slipped to 8.14 per cent from 9.50 per cent and primary articles inflation dropped to 6.84 per cent versus 8.58 per cent but manufactured products inflation increased marginally to 3.61 per cent versus 3.55 per cent month-on-month.
The CPI number, which will be released later in the day, is expected to soften to 7.45 per cent versus 8.28 per cent month-on-month.
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