Wholesale price inflation (WPI) in India stood at 2.17% in May 2017. WPI inflation was at 3.85% in the previous month and negative 0.90% during the corresponding month of the previous year.

Pankaj Patel, President, FICCI said, ''The trend in inflation is in line with the broad expectations- both wholesale and retail prices remain benign. Food inflation has softened considerably over the past couple of months. Further, with global commodity prices remaining subdued and the monsoon this year expected to be 'normal', inflation should continue to be within RBI's comfort zone.''

''The central bank has revised downwards its own projection for inflation in the months ahead. I think the case for supporting growth is getting stronger and we hope that RBI will take a relook into its monetary policy stance in the light of these new numbers. We need to boost investments and growth, which is so essential for employment generation across the economy. The industrial economy is still progressing as a slow pace and all support should be geared towards strengthening its growth trajectory. The government has been pushing reforms at a quick pace to accelerate growth. FICCI would like the RBI to also be more accommodative through an easy monetary policy as the current real interest rate remains on the higher side,'' Patel added.