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Wholesale inflation rate hits 14-month high in May: Government data
India’s wholesale price-based inflation rose 2.61% in May mainly driven by food items, government data showed on Friday. The May figures were higher than the 2.5% rise expected by economists and up from a 1.26% year-on-year rise in April. The Ministry of Commerce & Industry said in a statement, “Positive rate of inflation in May, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc.” Wholesale inflation rate hits 14-month high in May
Food prices rose 7.4% on year compared with an increase of 5.52% in April, while prices of vegetables were up 32.42% on year against a 27.94% rise in the previous month.
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Manufactured product prices rose 0.78% year-on-year against a 0.42% drop in the previous month. Fuel and power prices rose 1.35% compared with a 1.38% rise in April.
India’s retail inflation rate eased slightly in May to 4.75%, partly helped by a fall in fuel prices although food prices remained elevated, government data showed on Wednesday.
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