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Wholesale inflation hits record high in May at 15.88%
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IANS | 14 Jun, 2022
India's
wholesale inflation gauged by the Wholesale Price Index, with base year
as 2011-12, rose to a record high of 15.88 per cent in May 2022 from
15.08 per cent in April, official data revealed on Tuesday.
The wholesale inflation has been in double digit for over a year now.
The
high rate of inflation in May 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 as compared to the corresponding month of the previous year, an
official statement said.
The rate of inflation based on WPI Food Index increased from 8.88 per cent in April, 2022 to 10.89 per cent in May, data showed.
Provisional
figures of Wholesale Price Index (WPI) are released on 14th of every
month (or next working day) with a time lag of two weeks of the
reference month and compiled with data received from institutional
sources and selected manufacturing units across the country.
Besides,
India's retail inflation for the month of May moderated from the
previous month and came in at 7.04 per cent, however, it remained above
the central bank RBI's 6 per cent upper tolerance band for a fifth month
in a row.
Reserve Bank of India (RBI) Governor Shaktikanta Das,
at the latest monetary policy committee review deliberations,
categorically said that the country's retail inflation is likely to stay
above the tolerance level till third quarter of FY23 before moderating
below 6 per cent.
Das also said that 75 per cent of the increase in inflation projections can be attributed to the food group.
For
FY23, the RBI sees overall inflation at 6.7 per cent, with 7.5 per cent
in Q1, 7.4 per cent in Q2, 6.2 per cent in Q3, and 5.8 per cent in Q4,
taking into consideration the normal monsoon and average crude oil
basket price of $105 per barrel.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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