Annual wholesale price-based inflation (WPI) fell to -0.92 percent in April this year from 1.34 percent in March 2023. This is lower than the Reuters poll which predicted a 0.20 percent decline. WPI inflation fell in April for the first time in nearly 3 years, with prices softening across the board. “Decline in the inflation rate in April 2023 is mainly caused by price declines of base metals, food products, mineral oils, textiles, non-food items, chemical and chemical products, rubber and plastic products, and paper and paper products,” the Commerce Department said in a statement. a statement.