WPI inflation reaches five months high to 6.01%

pwi may

The Whole Sale Price Index driven inflation rose to 6.01% from the last month’s 5.2%, higher from the revised projections of 5.7%. Inflation for three major sub groups including the core inflation grew compared to the last month’s figures.

Food products like Coffee which grew by 23%, Chicken – 7%, fresh water fish 6%, fruits and vegetables – 4% each drove up the sector. Grains like Maize, Wheat, Ragi, Jowar in comparison have decreased by 5%, 2%, 2%, 1% respectively.

Fuel and power subgroup inflation too grew to 10.5% from 8.9% in April. Inflation for manufactured products rose to 3.6% in May 2014 from 3.2% in April 2014. IN comparison flowers, crude oil, textiles items, machinery & machine tools etc eased in May 2014. Most vegetable oils – groundnut oil, gingelly oil declined by 2% each, while Soybean oil and sunflower oil decreased by 1% each.

Wood, paper, leather, rubber, chemicals and derivative products have also become expensive.

If the Iraq turmoil continues, which has already begun to push the crude oil prices up, the numbers for June can be predicted to go further up. The impact or lack of of El Nino on Indian monsoon may also change these figures in the next month.

Medaram Jathara

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