Surging fuel prices push wholesale inflation up to nearly 13%
Kemmannu News Network, 14-06-2021 20:23:40
Surging fuel prices push wholesale inflation up to nearly 13%
India’s wholesale price inflation shot up to a record 12.94% in May, up from 10.5% in April, driven largely by a sharp spike in fuel and power inflation, which rose to 37.6%, and the low base effect from May 2020.
Fuel and power inflation nearly quadrupled to 37.6% from the 9.75% recorded in March this year, and is significantly higher than the 20.94% mark attained in April. Manufactured products’ inflation rose to 10.83% from 9% in April. While the wholesale food prices inflation climbed marginally from 7.58% in April to 8.11% in May, on a sequential basis, the food price index cooled off from April significantly.
Inflation in wholesale prices for the month of March was also revised upwards from 7.39% to 7.89%, by the Economic Adviser’s office in the Department for Promotion of Industry and Internal Trade.
Meanwhile, Congress leader P Chidambaram on Monday said the reason for the high inflation in the country is the daily rise in petrol and diesel prices. “WPI Inflation is 12.94 percent. CPI Inflation is 6.3 percent. Do you want to know why? Fuel and Power inflation is 37.61 per cent. Thanks to PM Modi raising petrol and diesel prices every day,” Chidambaram said on Twitter.
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