Similarly, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry showed a decelerating trend as inflation had risen to 5.27 per cent during the corresponding period of 2018.

"The annual rate of inflation, based on monthly WPI, stood at 1.08 per cent (provisional) for the month of July, 2019 (over July, 2018) as compared to 2.02 per cent (provisional) for the previous month and 5.27 per cent during the corresponding month of the previous year," the Ministry said in its review of "Index Numbers of Wholesale Price in India" for July.

"Build up inflation rate in the financial year so far was 1.08 per cent compared to a build up rate of 3.1 per cent in the corresponding period of the previous year."