Economy

Food, fuel prices lift CPI-IW to 120.6 points

Our Bureau New Delhi | Updated on June 30, 2021

BMS said the inflation of essential commodities is causing a severe crisis for the consumers

Year-on-year inflation for May stood at 5.24 per cent

The all-India Consumer Price Index for Industrial Workers (CPI-IW) for May saw an increase of 0.5 per cent mainly due to increase in the prices of food and fuel items. It stood at 120.6 points compared to 120.1 points in April. It is an increase of 0.30 per cent compared to May last year.

The Labour Bureau’s press release said the maximum upward pressure in current index came from food and beverages group contributing 0.35 percentage points to the total change. When prices of rice, pulses, kerosene and petrol increased, it was countered by the drop in prices of mango, watermelon and lady’s finger.

The Labour Bureau said year-on-year inflation for the month stood at 5.24 per cent compared to 5.14 per cent for the previous month and 5.10 per cent during the corresponding month an year before. “Similarly, Food inflation stood at 5.26 per cent against 4.78 per cent of the previous month and 5.88 per cent during the corresponding month an year ago,” the release added.

Dearness allowance

Minister of Labour and Employment Santosh Gangwar claimed that the rise in index will result increased wages of working class population by way of increase in dearness allowance. He hoped that the increase in wages will provide respite to working class families who have witnessed many hardships during the Covid lockdown.

Director General, Labour Bureau DPS Negi said the rise in index is in line with all other price indices compiled and released by different agencies. He added that the marginal increase is due to increase in prices of food and fuel items which is also in line with other price indices.

Published on June 30, 2021

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