NEW DELHI (Commodity Online) : India inflation dropped marginally to minus 1.74 percent for the week ended August 1 from last week’s minus 1.58 percent.

In a statement issued here by India’s Commerce ministry said also said, index for primary articles rose 0.1 percent to 262.5 (provisional) from 262.2 (provisional) the week before.



The index for manufactured products rose 0.1 percent to 205.9 (provisional) from 205.6 (provisional) for the previous week. It added.

India’s wholesale prices fell the most in three decades, giving the central bank more time to keep interest rates at a record low before weak monsoon rains reduce harvests and stoke inflation.

Wholesale price based inflation rate turned negative for the week ended June 6 for the first time since the new wholesale price index (WPI) series started in 1995.

Inflation has slowed from a 16-year high of 12.91 percent in August 2008 as oil prices fell from an unprecedented $147.27 a barrel in the previous month.

The commerce ministry Thursday revised the rate for the week ended June 6 to a fall of 1.01 percent from a decline of 1.61 percent.

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