India's Wholesale Price Inflation Rises Slightly In May

(RTTNews) - India's wholesale price inflation rose slightly in May, preliminary figures from the Ministry of Commerce and Industry showed Tuesday.

Wholesale prices increased 0.79 percent year-on-year in May, faster than the 0.34 percent growth seen in April and 0.5 percent rise forecast by economists. This was the second consecutive rise in prices.

Food article prices gained 7.88 percent and non-food articles prices climbed 4.48 percent. Meanwhile, fuel and power prices declined 6.14 percent.

Build up inflation rate in the financial year so far was 2.34 percent compared to a build up rate of 1.08 percent in the corresponding period of the previous year.

Data released on Monday showed that consumer price inflation accelerated to a near two-year high of 5.76 percent in May.

The central bank expects inflation to decelerate modestly and remain around 5 percent during 2016-17.