Wholesale price inflation (WPI) eased marginally to 9.78% in July, from 9.87% in June, supported by a moderation in prices of food, fuel and power items.

This marks the first month-on-month decline in WPI inflation since the government introduced the revised WPI series with the 2022-23 base year.

WPI inflation had been rising since the beginning of the current fiscal year, driven largely by the West Asia conflict and the resulting disruption in the Strait of Hormuz. The developments pushed up global crude oil and fertiliser costs, with the impact also spilling over into food prices.