The wholesale price inflation reached a new height of 12.94 percent as the prices of raw material, manufactured goods, and crude oil continue to surge.
The wholesale price index (WPI) based inflation grew exponentially since last year.
The annual inflation in May 2021 was – 3.37 percent which now stands at a colossal 12.94 percent in May 2021.
“The high rate of inflation in May 2021 is primarily due to low base effect and rise in prices of crude petroleum, mineral oils viz. petrol, diesel, naphtha, furnace oil, etc. and manufactured products as compared to the corresponding month of the previous year,” stated the commerce and industry ministry.
The CPI-based inflation rate also breached the limit set by the Reserve Bank of India (RBI).
India’s retail inflation stands at 6.30 percent in May 2021 which crosses the 4+/-2 range set by RBI.
The opposition parties are protesting against the price hike across all parts of India.
The Congress and Aam Adami Party-led several marches to criticize the ruling regime over the price hikes in LPG cylinders, petrol, Diesel.
The left front parties also urged the government to reduce its excise duty on petroleum products.