Bhoomika Singh
After a long hassle with continuously rising inflation for 15 months in a row now, the wholesale market got a teaser of relief in June 2022. As per the government’s data, India’s wholesale inflation measured by the Wholesale Price Index (WPI) came in at 15.18 per cent in June, official data showed on Thursday. June’s wholesale inflation is marginally lower than the 15.88 per cent reported during the previous month.
The high rate of inflation in June is primarily due to a rise in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, chemicals and chemical products, and food products as compared to the corresponding month of the previous year, an official statement said.
The rate of inflation based on the WPI Food Index increased from 10.89 per cent in May 2022 to 12.41 per cent in June 2022, data showed. The index for the fuel and power group increased by 0.65 per cent to 155.4 in June 2022 from 154.4 for the month of May 2022.
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On the other hand, the index for manufactured products, which has 64 weightage in the entire basket, declined by 0.76 per cent to 143.7 in June 2022 from 144.8 for the month of May 2022. Some of the groups that have witnessed a decrease in prices are basic metals, food products, other manufacturing, and furniture.
In comparison, India’s retail inflation has been over the Reserve Bank of India‘s upper tolerance band of 6 per cent for the sixth consecutive month in a row in June. Retail inflation came in at 7.01 per cent in June.
