Big shock for the general public: wholesale inflation hits 16-month high
Amid rising inflation, the general public has suffered a major shock. In fact, the wholesale inflation rate data for the month of June has been released. Due to the cost of food in the month of June, the wholesale inflation rate has reached a 16-month high. The wholesale inflation rate exceeded 3 percent in the last month and fell to 3.36 percent. At the beginning of the month of May, it was at 2.61 percent.
Rising food inflation rate
Food prices have mainly increased, which has affected the wholesale inflation rate. The food inflation rate rose to 8.68 percent in June, up from 7.40 percent in May.
The annual rate of inflation based on all numbers of the Wholesale Price Index (WPI) of India is 3.36% (provisional) for the month of June 2024 (over June 2023): Ministry of Commerce and Industry pic.twitter.com/2ZqAiUr38B
— AIN (@ANI) July 15, 2024
This is the reason for the rise in inflation.
The main reason behind the rise in inflation rate in June is the increase in food inflation rate and primary commodities inflation rate. The inflation rate of manufactured goods, which was below one percent, reached nearly one and a half percent this time. The price of food products mainly increased, which affected the wholesale inflation rate. The food inflation rate rose to 8.68 percent in June, up from 7.40 percent in May.
Where did the wholesale inflation rate increase and where did it decrease?
- Inflation rate of primary articles- The inflation rate of primary articles increased to a rate of 8.80 percent in June, while the previous month it was 7.20 percent.
- The WPI of the fuel and energy segment decreased. However, there has been a slight decline in the wholesale inflation rate of the fuel and energy segment and it stood at 1.35 percent in June. In May 2024, this figure was 1.03 percent of the WPI.
- The wholesale inflation rate for manufacturing products also increased. Inflation in manufacturing products has also increased and stood at 1.43 percent in June. In May 2024, this figure was 0.78 percent.
- Decrease observed in the IPM of eggs, meat and fish. In June, prices for food products such as eggs, meat and fish fell below zero. In June, the inflation rate for eggs, meat and fish was -2.19 percent. In May, it was 1.58 percent.
