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ICRA Research Report
Shrugging off the higher base, the YoY Wholesale Price Index inflation surged to 15.9% in May 2022, the highest level since September 1991, from 15.1% in April 2022.
A spike in inflation for the primary food articles, particularly vegetables, and eggs, meat and fish, on account of extreme weather conditions and rising input costs such as fodder prices, pushed up the headline inflation print.
Additionally, higher inflation was witnessed in the minerals, crude petroleum and natural gas and fuel and power segments, reflecting increasing global commodity and crude oil prices.
While the core-WPI inflation witnessed a base-effect led moderation in May 2022, it continued to print in double digits (up 10.4%) for the fourth consecutive month.
With inflation in industrial raw materials remaining stubbornly entrenched, core inflation is likely to remain elevated above 9% over the next few months.
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