Vegetable prices making people cry due to WPI

New Delhi: The wholesale price in India (WPI) jumped to 0.79 percent in May which forced vegetable prices to increase in double digit.

This is for the second time that vegetable prices are making people cry due to WPI- based inflation was at 0.34 percent and in March it was (-) 0.45 percent while it stood at (-) 2.20 in May last year.

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The Indian government data showed on Tuesday that food inflation rose to 7.88 percent in May as against 4.23 percent in April.

Pulse inflation remained inflexible at 35.56 percent. Vegetable inflation came in at 12.94 percent with a sharp rise from 2.21 percent a month earlier.

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Prices of non-vegetarian things like egg, meat and fish speed up by 9.75 percent and in fruits the rise was 3.80 percent.

The prices of Kitchen staple onion continued to witness decline at (-21.70) percent in May.

Manufactured products inflation too inched up to 0.91 percent from 0.71 percent in April.

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Hardening of WPI food inflation follows the trend of retail inflation released on Monday.

Rising prices of food items in May due to retail inflation touched a 21 month high of 5.76 percent.

The hardening of inflation could further dent the chances of a interest rate cut by Reserve Bank in its policy review in the months ahead.

In its policy review earlier this month, RBI had retained January 2017 retail inflation target at 5 per cent, though with an upward bias on account of firming of oil prices and implementation of 7th Pay Commission recommendations.

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