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NEW DELHI: Wholesale price-based inflation in India surged to 2.61%, primarily fueled by rising food prices, as per government data released on Friday.
The food sector witnessed 7.4% year-on-year price increase, a notable rise from the 5.52% growth observed in April.
Vegetable prices, in particular, soared by 32.42% compared to the previous year, surpassing the 27.94% increase reported in the previous month.
Prices of manufactured products saw a 0.78% year-on-year increase, contrasting with the 0.42% decline in the prior month. Meanwhile, fuel and power prices rose by 1.35%, slightly lower than the 1.38% increase in April.
Despite the overall inflationary pressures, India’s retail inflation rate experienced a modest decline in May, settling at 4.75%, partly due to decrease in fuel prices, although prices remained at elevated levels, as indicated by government data released on Wednesday.
(With inputs from agencies)
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