The wholesale price-based inflation in India rose to a 14-month high in May, driven primarily by food items, according to the latest government data. The figures surpassed expectations of economists, with a 2.61% increase in May compared to a 1.26% rise in April. The Ministry of Commerce & Industry attributed this positive rate of inflation to the surge in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, among others.
Food prices witnessed a significant uptick, rising by 7.4% year-on-year in May, in contrast to a 5.52% increase in April. Similarly, vegetable prices were up by 32.42% compared to a 27.94% rise in the previous month. Manufactured product prices also saw a rise of 0.78% year-on-year after a drop of 0.42% in the prior month. Furthermore, fuel and power prices experienced a slight increase of 1.35% as opposed to a 1.38% rise in April.
In the Indian scenario, these inflation trends can have a notable impact on the market, affecting various sectors and consumer behavior. It is crucial for businesses and policymakers to closely monitor these developments and strategize accordingly to navigate through these challenging times. Stay tuned to HeadlineFly.com for more updates and insights on the evolving business landscape.
