๐ช๐ต๐ผ๐น๐ฒ๐๐ฎ๐น๐ฒ ๐๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ฅ๐ถ๐๐ฒ๐ ๐ง๐ผ ๐ต.๐ฒ๐ด% ๐๐ป ๐ ๐ฎ๐
Wholesale inflation in India rose to 9.68% in May. This increase follows a rate of 8.26% in April. This data represents the first Wholesale Price Index report using the revised 2022-23 base year.
Key inflation drivers:
- Fuel and power inflation rose to 30.33% from 24.89% in April.
- Crude petroleum inflation reached 61.51% in May.
- Food article inflation increased to 3.60% from 2.43% in April.
- Manufactured product inflation rose to 7.48% from 6.68% in April.
The conflict between the US and Iran affects these numbers. Shipping disruptions in the Strait of Hormuz impact crude oil imports. High energy costs also increase food prices.
Retail inflation through the Consumer Price Index reached 3.93% in May. This is a 16-month high.
The Reserve Bank of India updated its inflation forecast for the current financial year to 5.1%. This follows a previous forecast of 4.6%. Petrol and diesel prices rose by Rs 7.50 per litre during late May.
Source: The Times of India