For the seventh month in a row in October the wholesale price inflation remained in the negative territory at (-) 0.52 per cent on easing prices of food items.

Experts said some near-term upside risks to the WPI inflation could emanate from volatile vegetable prices, an uptrend in domestic prices of most food items as well as an unfavourable base.

The wholesale price index (WPI)-based inflation rate has been in the negative zone since April and was at (-) 0.26 per cent in September 2023. In October last year, WPI was at 8.67 per cent.

“The negative rate of inflation in October 2023, is primarily due to a fall in prices of chemicals and chemical products, electricity, textiles, basic metals, food products, paper and paper products, etc. as compared to the corresponding month of the previous year,” the commerce ministry said on Tuesday.

A negative WPI inflation, technically termed as deflation, means that overall wholesale prices have been falling year-on-year. Inflation in food articles eased to 2.53 per cent in October. It was 3.35 per cent in the previous month.

While inflation in vegetables and potatoes cooled to (-) 21.04 per cent and (-) 29.27 per cent respectively, onion ruled high at 62.60 per cent.