India’s wholesale inflation turns negative at minus 1.21%

India’s wholesale price inflation turned negative in October, falling to minus 1.21 percent from 0.13 percent in September, driven by sharp declines in food prices and the impact of recent tax cuts, according to government data released Friday.The deflation marks a deeper contraction compared to wholesale price inflation of 2.75 percent in October last year, with the Ministry of Commerce and Industry attributing the drop to decreased prices of food articles, crude petroleum and natural gas, electricity, mineral oils and basic metals. The month-over-month change stood at minus 0.06 percent.