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ICRA Research Report
The Wholesale price index reported a sharper-than-expected deflation of 3.5% in May 2023 (our expectation: -2.2%; -0.9% in April 2023) in YoY terms; this was the lowest print since November 2015.
Although the moderation was broad-based across major sub-groups, energy-related items accounted for bulk of the 256 basis points easing in the headline WPI print in May 2023 vis-a-vis April 2023.
Notably, the YoY deflation in industrial raw materials widened sharply in May 2023, which should augur well for the margins of India Inc.
Notwithstanding the early sequential uptick in food prices, the WPI deflation is likely to print at 2.5-3.5% in June 2023 supported by an elevated base in the year-ago month (up 16.2%).
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