NEW DELHI:
India’s Wholesale Price Index (WPI)-based inflation rose to 2.61 per cent in May 2024, marking a 15-month high. During the same month last year, India’s WPI experienced a significant decline, falling to -3.48 per cent. Estimates had placed WPI at 3 per cent for May 2024.
WPI-based inflation in May was primarily driven by increases in the prices of food articles, the manufacture of food products, crude petroleum and natural gas, mineral oils, and other manufacturing sectors.
Last month, India’s WPI-based inflation surged to a 13-month high, reaching 1.26 per cent year-on-year. This was a significant jump from the 0.53 per cent rise recorded in March 2024. This marked the sixth consecutive month of rising wholesale prices and the fastest pace since March 2023. The primary drivers were an uptick in food and primary articles alongside a rebound in fuel prices, offsetting softer declines in manufacturing prices.
