India’s wholesale prices index (WPI) based inflation has hit a fresh record high of 15.88% in May, as compared to 15.08% in April. In May last year figure was 13.11%. This is the 14th month in a row that WPI inflation has stayed above the 10% mark. It has maintained its increasing trend for the third month in a row, and remained in double digits for the 14th consecutive month since April last year.
“The high rate of inflation in May 2022 is primarily due to rise in prices of mineral oils, crude petroleum and natural gas, food articles, basic metals, non-food articles, chemicals and chemical products and food products etc. as compared to the corresponding month of the previous year,” the commerce and industry ministry said in a statement.
Inflation in food items crossed the double-digit mark after a gap of 4 months as inflation in food articles in May was 12.34 per cent, against 8.35 per cent in the previous month. The rate of price rise in vegetables was 56.36 per cent, potato (24.83 per cent), wheat (10.55 per cent) and egg, meat and fish (7.78 per cent).
In the fuel and power basket, inflation was 40.62 per cent, while in manufactured products and oil seeds, it was 10.11 per cent and 7.08 per cent, respectively. Inflation in crude petroleum and natural gas was 79.50 per cent in May.
Retail inflation in May eased to 7.04 per cent, from 7.8 per cent in April, but remained above the Reserve Bank’s inflation target for the fifth straight month.