India’s wholesale inflation rate rose to a record high of 15.88% in May from 15.08% in April, government data showed on Tuesday.
The latest wholesale inflation number is the highest in ten years, according to Business Standard.
The indicator of price rise in wholesale markets has remained in double digits since April last year. In May last year, the wholesale inflation rate was 13.11%.
“The high rate of inflation in May 2022 is primarily due to the 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 Union Ministry of Commerce and Industry said in a statement on Tuesday.
Wholesale inflation in food articles increased from 8.88% in April to 10.89% in May, the ministry said.
In the fuel and power basket, wholesale inflation was 40.62% in May. In April, it was 38.66% and in March it was 31.78%.
In the manufactured products section, the wholesale inflation lowered marginally from 10.85% in April to 10.11% in May.
The sharp rise in wholesale inflation in May comes a day after India’s retail inflation came down to 7.04% in May on account of softening prices of food. In April, retail inflation had shot up to 7.79% – the highest in eight years.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!