New Delhi, June 14 (KNN) The annual rate of inflation, based on monthly WPI, stood at 4.43% (provisional) for the month of May, 2018 which is almost a double from the previous year inflation rate which was stood at 2.26% during the corresponding month.

The major group of fuel and power with a weight age of 13.15% was the biggest contributor in this hike as the index rose by 2.2% compared to previous month.

While, Inflation in this group rose sharply to 11.22 per cent in May from 7.85 per cent in April as prices of domestic fuel increased in line with rising global crude oil rates. 

The rate of inflation based on WPI Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group increased from 0.67% in April, 2018 to 1.12% in May, 2018.

The index for ‘Manufacture of Textiles’ group rose by 1.0 percent compared to previous month due to higher price of textured and twisted yarn (2%) and weaving & finishing of textiles, synthetic yarn, manufacture of knitted & crocheted fabrics, manufacture of made-up textile articles, except apparel, cotton yarn and woollen yarn (1% each).

However, the price of manufacture of other textiles (3%) and viscose yarn (1%) declined.

The index for ‘Crude Petroleum & Natural Gas’ group rose by 7.3 percent to 88.1 (provisional) from 82.1 (provisional)for the previous month due to higher price of crude petroleum (9%) and natural gas (3%).

Inflation for food articles rose to 1.68% in May from 0.21 % in April, 2018.