India inflation 9.06 percent in May

NEW DELHI, June 14 (UPI) -- India's annual inflation rate rose to 9.06 percent in May, up from 8.66 percent in April, the Commerce and Industry Ministry said Tuesday.

The May increase, as measured by the wholesale price index, was largely blamed on higher prices of manufactured items and food.

The larger-than-expected May increase would bring more pressure on the central bank to hike interest rates when it takes up its review of the monetary policy later this week, the Economic Times reported.

The price index of manufactured products for May rose 7.27 percent while food jumped 8.37 percent.

May inflation was much higher than expected and the fact it breached the 9 percent mark even without a price revision of diesel fuel "highlights the underlying inflationary pressure in the economy," one analyst told the Economic Times.

Source: http://feedproxy.google.com/~r/daljeenglish/~3/Yj95VmiqsTY/364547

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