New Delhi: The Congress party on Friday slammed Prime Minister Narendra Modi after India’s annual rate of inflation, based on all India Wholesale Price Index (WPI) numbers, has risen to 15-month high at 2.61 per cent (Provisional) for the month of May, 2024 over May, 2023.
Congress again called PM Modi a 'Mahangai Man'.
Positive rate of inflation in May, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc, according to data released by the Ministry of Commerce and Industry.
WPI Food Index (Weight 24.38 per cent) for Food Index consisting of 'food articles' from primary articles group and 'food product' from manufactured products group has increased from 183.6 in April, 2024 to 185.7 in May, 2024. The rate of inflation based on WPI Food Index increased from 5.52 per cent in April, 2024 to 7.40 per cent in May, 2024.
Among the food articles, prices of paddy, pulses, vegetables, and fruits went up during May over the last month.
The inflation for the last three months of March, April, and May based on the WPI is 0.26, 1.26 and 2.61 percent, respectively. The data shows adding that food index has been rising persistently during these three months.
Analysis of month-over-month change in major groups of WPI shows that the Primary Articles (Weight 22.62 per cent) index for this major group increased by 0.54 per cent to 187.7 (provisional) in May, 2024 from 186.7 (provisional) for the month of April 2024.
Prices of food articles (1.48 per cent) and minerals (1.08 per cent) increased in May, 2024 as compared to April, 2024. Prices of non-food articles (-1.26 per cent) and crude petroleum & natural gas (-3.56 per cent) declined in May, 2024 as compared to April, 2024.
In the Fuel & Power (Weight 13.15 per cent) segment, the index for this major group declined by 2.71 per cent to 150.6 (provisional) in May, 2024 from 154.8 (provisional) for the month of April, 2024. Prices of mineral oils and coal remain unchanged in May, 2024 as compared to April, 2024. Prices of electricity (-11.67 per cent) declined in May, 2024 as compared to April, 2024.
In Manufactured Products (Weight 64.23 per cent), the index for this major group increased by 0.64 per cent to 141.7 (provisional) in May, 2024 from 140.8 (provisional) for the month of April, 2024.
Some of the important groups that showed month-over-month increase in prices are basic metals; food products; computer, electronic & optical products; electrical equipment; other manufacturing etc. Some of the groups that witnessed a decrease in prices are fabricated metal products, except machinery & equipment; other non-metallic mineral products; chemicals & chemical products; tobacco products; other transport equipment etc.in May, 2024 as compared to April, 2024.
