The Business Bytes
New Delhi, July 12, 2024 (TBB Bureau): India’s consumer price inflation rose to 5.08 percent in June compared to the same month last year, driven by higher prices of vegetables and pulses, according to data released by the Ministry of Statistics on Friday. Vegetable prices surged by 29.32 percent due to a severe heat wave in northern states impacting production, while pulses saw a 16.07 percent increase. Cereal prices also climbed by 8.65 percent during the month.
In May, inflation had eased to a 12-month low of 4.75 percent, following a decline to 4.83 percent in April, the lowest in 11 months. The June figures indicate a reversal from this downward trend seen in recent months.
On the other hand, cooking oil prices continued to decline in June, dropping by 2.68 percent. The rate of increase in spice prices slowed to 2.06 percent from 4.27 percent in May.
Food inflation, which holds significant weight in the consumer price basket, rose to 8.36 percent in June compared to 7.87 percent in May.
