India’s Wholesale Price Index (WPI) based inflation surged to 2.61 per cent in May 2024. This is the highest rate in 15 months since February 2023, when it stood at 3.85 per cent, before dropping to 1.41 per cent in March 2023. The data released by the Ministry of Commerce and Industry today shows that the recent spike in WPI-based inflation can be attributed to rising prices in major sectors such as food articles, the manufacture of food products, crude petroleum and natural gas, mineral oils, and manufacturing sectors.
The index for primary articles was up by 0.54 per cent in May 2024. Prices in the fuel and power sector rose by 1.35 per cent, slightly down from the 1.38 per cent rise seen in April. WPI of manufactured goods increased to 0.78 per cent, reversing a 0.42 per cent decline in April.
Food prices surged by 7.4 per cent in May compared to a 5.52 per cent increase in April. Vegetable prices saw a particularly sharp rise, up 32.42 per cent year-on-year, compared to a 27.94 per cent increase in the previous month.
Disclaimer: This press release is sourced from News On AIR, Prasar Bharti and Press Information Bureau India (PIB).
