New Delhi, Aug 14 (Reporter) Aided by a favourable base, India's wholesale inflation dropped to 2.04% in July 2024 from 3.36% in the previous month, according to official data released on Wednesday. "Positive rate of inflation in July, 2024 is primarily due to increase in prices of food articles, manufacture of food products, mineral oils, crude petroleum & natural gas, other manufacturing etc," an official release from Ministry of Commerce and Industry said. As per the official data, the wholesale inflation rate for primary articles in the month of July this year was 3.08% as compared to 8.80% in the previous month. The inflation rate for fuel & power in the month of July this year increased to 1.72% from 1.03% in the previous month. The wholesale inflation rate for the manufactured products was 1.58% in July 2024 as against 1.43% in June 2024. Driven by lower food prices, India's retail inflation measured by consumer price index (CPI) dropped to 3.54% in July 2024 on an annualised basis from 5.08% in the previous month. Commenting on July WPI inflation data, ICRA chief economist Aditi Nayar said, "The near-term outlook for the WPI inflation remains benign. As per the data released by the Department of Consumer Affairs, the prices of a majority of food items have dipped on a sequential basis in August 2024 so far, amid a pick-up in the monsoon and a healthy progression in kharif sowing. This is likely to aid in containing the base effect-led uptick in the primary food articles inflation print in the ongoing month...////...