Wholesale inflation soars to 12.94% in May on fuel price surge, low base

According to data released by commerce and industry ministry, fuel and power inflation stood at 37.61% led by higher petrol and diesel prices

India's wholesale inflation hit a record high of 12.94 per cent in May driven by continued rise in fuel and commodity prices as well as due to a low base effect, data released by the government showed.

Wholesale inflation came in at 10.49 per cent in April. In May 2020, wholesale prices, whose increase or decline is measured in terms of wholesale price index (WPI), witnessed deflation at (-) 3.37 per cent as demand slackened due to the pandemic induced lockdown. The latest inflation rate released by the government is the highest under the current series.

“The high rate of