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- Retail Inflation May 2021 India Update; Retail Inflation Rises To Six Month High Of 6.3 Per Cent
Mumbai24 minutes ago
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Retail inflation in the country has reached the highest level of 6 months due to the cost of petrol-diesel and food items. According to government data, the Consumer Price Index (CPI) based retail inflation stood at 6.3% in May. It was at 4.23% in April.
Retail inflation out of the purview of RBI
In May, the inflation rate data has also gone out of the purview of the Reserve Bank. Which is between 2-6%. Earlier, retail inflation had remained in this range for five consecutive months. But due to rising fuel prices, inflation has broken the back of common people. Food and beverages became costlier by 5.01% in May. Which was only 2.02% expensive in April.
Oil and non-veg items spoiled the budget
According to the report, the most expensive oil and fat have been during May. It has become costlier by about 31% in a month. Similarly, the prices of eggs and soft drinks have gone up by 15-15%. However, prices of items like vegetables and sweets including sugar declined by up to 2%. But inflation has been seen in all other items.
Wholesale inflation also increased for the fifth consecutive month
Wholesale inflation has reached a record level due to rising prices of petrol and diesel and increasing manufacturing cost. According to the Ministry of Commerce and Industry, the wholesale inflation rate has reached 12.94% in May. It was -3.37% in May 2020.