Wholesale inflation rises to 4.43 pc in May

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SME Times News Bureau | 14 Jun, 2018

Wholesale inflation for May rose to 4.43 percent, to nearly double over the 2.26 percent registered in May last year, Commerce Ministry data showed on Thursday.

The WPI Food Index, consisting of 'Food Articles' from Pri'ary Articles group and 'Food Prod‘ct' from Man'factured Products group, increased from 0.67 per cent in April 2018, to 1.12 per cent last month.

Expenses during the month under consideration on primary articles, which constitute 22.62 per cent of the WPI's total weightage, rose by 3.16 per cent, from a fall of
(-)1.71 per cent in May 2017.

Among primary articles, food, which has a weightage of 15.26 per cent in the index, edged up last month by 1.60 per cent from a deceleration of (-)2.13 per cent reported for the same month last year.

The cost of fuel and power, which commands a 13.15 per cent weightage in the index, increased at a fast pace of 11.22 per cent during the month in review, from a growth of 7.85 per cent in April 2018.

Earlier this week, Central Statistics Office data showed that the consumer price index (CPI), or retail inflation, in May had touched 4.87 percent.

Citing risks to inflation mainly from rising global crude prices, the Reserve Bank of India (RBI) last week raised its key lending rate by 25 basis points to 6.25 percent for the first time in over four years. The RBI has a median retail inflation target rate of 4 per cent.