WPI Inflation Hits 14-Month High of 4.43% in May 2018 Due to Surge in Fuel Prices
Meanwhile, inflation in food articles was at 1.60 per cent in May 2018, as against 0.87 per cent in the preceding month. Inflation in vegetables climbed to 2.51 per cent in May, while in the previous month it was (-)0.89 per cent.
New Delhi, June 14: The annual rate of inflation based on wholesale prices shot up to a 14-month high of 4.43% for the month of May. The recent surge can be attributed to the increase in petrol and diesel rates across the country. According to a government release, the WPI-based inflation in April 2018 stood at 3.18% as compared to 2.26% in May 2017.
Meanwhile, inflation in food articles was at 1.60 per cent in May 2018, as against 0.87 per cent in the preceding month. Inflation in vegetables climbed to 2.51 per cent in May, while in the previous month it was (-)0.89 per cent.
The index for ‘Food Articles’ group rose by 0.2 percent to 140.1 (provisional) from 139.8 (provisional) for the previous month due to higher price of fish-marine (8%), poultry chicken (4%), egg and peas/chawali (3% each), fish-inland (2%) and moong, bajra, barley, paddy, wheat and arhar (1% each). However, the price of betel leaves (6%), coffee (4%), tea (3%), gram, urad and fruits & vegetables (2% each) and ragi, jowar and pork (1% each) declined, the government data said.
The index for ‘Manufacture of Motor Vehicles, Trailers and Semi-Trailers’ group rose by 0.4 percent to 111.7 (provisional) from 111.2 (provisional) for the previous month. Meanwhile, Potato inflation was at a peak of 81.93 per cent, against 67.94 per cent in April. The inflation in May at 4.43 per cent was a 14-month peak. The previous high was in March 2017, when the WPI inflation stood at 5.11 per cent.
The index for ‘Manufacture of Furniture’ group rose by 1.5 percent to 125.1 (provisional) from 123.3 (provisional) for the previous month due to higher price of foam and rubber mattress (11%) and steel shutter gate (1%). However, the price of hospital furniture and iron/steel furniture (1% each) declined.
The build-up inflation rate in the financial year so far was 1.38% compared to a build-up rate of -0.27% in the corresponding period of the previous year. The index for ‘Crude Petroleum & Natural Gas’ group rose by 7.3 percent to 88.1 (provisional) from 82.1 (provisional) for the previous month due to higher price of crude petroleum (9%) and natural gas (3%).
(The above story first appeared on LatestLY on Jun 14, 2018 05:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).