Wholesale Price Inflation in India Hits 9.87% in June
NEW DELHI: India’s wholesale price inflation approached a significant 9.87% year-on-year in June, mainly fueled by rising food prices, even as energy costs showed signs of easing, according to government data released on Tuesday.
This inflation rate marks an increase from May’s 9.68% and exceeds economists’ expectations of 9.15%. Wholesale food prices surged by 6.14% in June, up from a 4.49% rise in May.
In terms of manufactured goods, prices remained stable, recording a 7.48% increase year-on-year, the same as the previous month. Meanwhile, fuel and power costs rose by 27.41%, a decrease from May’s higher increase of 30.33%.
Additionally, prices for petroleum and natural gas climbed by 34.75% compared to the same month last year, following a steep rise of 61.51% in May.
Overall, producer prices saw a year-on-year increase of 9.57% in June, slightly up from 9.38% in May, according to calculations by Reuters.
In other news, India’s net direct tax collections also experienced notable growth, rising over 16% year-on-year from April to July.
