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India’s wholesale price inflation hits record high of 12.94% in May on costlier fuel

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As per the numbers that appeared in government data released on Monday, India’s wholesale price inflation increased to 12.94 per cent year-on-year in May, up from 10.49 per cent in April, owing primarily to a rise in energy prices.

Fuel prices increased 37.61 per cent year over year in May, according to data from the Ministry of Commerce and Industry.

According to the government, the high rate of inflation in May was caused by a low base effect and increases in the prices of crude petroleum, mineral oils, and manufactured goods.

The wholesale price index (WPI)-based inflation has risen for the fifth month in a row.WPI inflation reached double digits in April 2021, at 10.49 per cent. 

“The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May 2021 (over May 2020) as compared to (-) 3.37 per cent in May 2020. The high rate of inflation in May 2021 is primarily due to the low base effect and rise in prices of crude petroleum, mineral oils viz. Petrol, diesel, naphtha, furnace oil etc. And manufactured products as compared to the corresponding month of the previous year,” the Commerce and Industry Ministry said.

(With inputs from agencies)

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