The annual rate of inflation based on all-India Wholesale Price Index (WPI) is 15.18 per cent for the month of June, the government said on Thursday, in a marginal drop from May when the figure stood at 15.88 per cent. The latest figure has bucked the three-month rising trend but remained in double-digit for the 15th straight month, a report by news agency PTI highlighted. Figures have been in double digits since April last year.
“The high rate of inflation in June is primarily due to the rise in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, chemicals and chemical products, food products etc. as compared to the corresponding month of the previous year,” read the government statement.
In the “Fuel and Power” category, the index increased by 0.65 per cent to 155.4 in June from 154.4 per cent for the month of May, 2022. “Prices of Mineral Oils (0.98%) increased in June, 2022 as compared to May,” the statement read.
“The Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group have increased from 176.1 in May, 2022 to 178.4 in June. The rate of inflation based on WPI Food Index increased from 10.89 per cent in May to 12.41 per cent in June,” it added.
A depreciation of nearly 7 per cent this year in the rupee currency, according to a Reuters report, against the dollar has pushed up prices of imported food and energy products for companies as well as consumers.
The annual consumer inflation stayed above 7 per cent in June, the government data showed on Tuesday.
While the moderation in global commodity prices has given some comfort, according to a Bloomberg report, the threat of a US downturn is the latest risk confronting India amid a weakening rupee. A raft of measures have been taken to cushion the impact of rupee’s fall.
(With inputs from Bloomberg, Reuters)