For the month of May 2024 (over May 2023), the yearly rate of inflation based on the entire India Wholesale Price Index (WPI) number is 2.61% (Provisional). The main causes of the May 2024 positive rate of inflation are rising food item prices, food product manufacturing, natural gas and crude oil pricing, mineral oil production, and other manufacturing.Below are the index values and inflation rate for all WPI components and commodities during the last three months:
| Index Numbers and Annual Rate of Inflation (Y-o-Y in %)* | |||||||
| All Commodities/Major Groups | Weight (%) | Mar-24 | Apr-24 (P) | May-24 (P) | |||
| Index | Inflation | Index | Inflation | Index | Inflation | ||
| All Commodities | 100.00 | 151.4 | 0.26 | 153.0 | 1.26 | 153.3 | 2.61 |
| I. Primary Articles | 22.62 | 183.2 | 4.57 | 186.7 | 5.01 | 187.7 | 7.20 |
| II. Fuel & Power | 13.15 | 152.1 | -2.75 | 154.8 | 1.38 | 150.6 | 1.35 |
| III. Manufactured Products | 64.23 | 140.1 | -0.85 | 140.8 | -0.42 | 141.7 | 0.78 |
| Food Index | 24.38 | 180.4 | 4.82 | 183.6 | 5.52 | 185.7 | 7.40 |
Note: P: Provisional, *Annual rate of WPI inflation calculated over the corresponding month of previous year
When comparing May 2024 to April 2024, the month-over-month change in the WPI index was 0.20%. Below is a summary of the WPI index’s monthly change over the last six months:
| Month Over Month (M-o-M in %) change in WPI Index# | |||||||
| All Commodities/Major Groups | Weight | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 (P) | May-24 (P) |
| All Commodities | 100.00 | -0.85 | -0.40 | 0.00 | 0.13 | 1.06 | 0.20 |
| I. Primary Articles | 22.62 | -2.56 | -0.77 | 0.06 | 0.94 | 1.91 | 0.54 |
| II. Fuel & Power | 13.15 | -0.26 | -0.58 | 0.00 | -1.81 | 1.78 | -2.71 |
| III. Manufactured Products | 64.23 | -0.14 | -0.21 | 0.07 | 0.21 | 0.50 | 0.64 |
| Food Index | 24.38 | -2.18 | -1.00 | 0.17 | 1.12 | 1.77 | 1.14 |
Note: P: Provisional, #Monthly rate of change, based on month over month (M-o-M) WPI calculated over the preceding month
Month-to-Month Variation in WPI’s Principal Groups:
1. Primary Articles (Weight 22.62%): In May 2024, the index for this main group improved by 0.54% from 186.7 (provisional) during the month of April 2024 to 187.7 (provisional). In comparison to April 2024, food item prices grew by 1.48% and mineral prices by 1.08% in May 2024. May 2024 saw a decrease in the price of non-food items (-1.26%) and crude petroleum & natural gas (-3.56%) when compared to April 2024.
2. Fuel & Power (Weight 13.15%): – This main group’s index fell by 2.71% from 154.8 (provisional) in April 2024 to 150.6 (provisional) in May 2024. In May 2024, the price of coal and mineral oils is the same as it was in April 2024. In May 2024, the price of energy decreased (-11.67%) compared to April 2024.
3. Produced Goods (Weight 64.23%):- In May 2024, the index for this major group rose by 0.64% from 140.8 (provisional) for the month of April 2024 to 141.7 (provisional). Thirteen of the twenty-two NIC two-digit groups for manufactured goods had price increases, eight saw price decreases, and one group saw no change in price. Several significant categories exhibited monthly price increases, including basic metals; food items; computer, electronic, and optical products; electrical equipment; and other manufacturing. Fabridated metal items (apart from machinery and equipment), other non-metallic mineral products, chemicals and chemical products, tobacco products, other transport equipment, etc. are some of the categories that had price decreases in May 2024 compared to April 2024.
WPI Food Index (24.38 percent weight): From 183.6 in April 2024 to 185.7 in May 2024, the Food Index—which is made up of “food articles” from the primary articles group and “food products” from the manufactured products group—rose. In April 2024, the WPI Food Index-based inflation rate was 5.52%; by May 2024, it had risen to 7.40%.
Comprehensive Index for March 2024 (Base Year: 2011–12=100): The final Wholesale Price Index and inflation rate for “All Commodities” (Base: 2011-12=100) were 151.4 and 0.26%, respectively, for the month of March, 2024. Annex I contains information on all India Wholesale Price Indices and Rates of Inflation for several commodity groupings based on the most recent data. The WPI-based annual rate of inflation (Y-o-Y) for the previous six months for various commodity groupings is listed in Annex II. WPI for several commodity groupings over the previous six months can be found in Annex III.
Response Rate: A weighted response rate of 88.8 percent was used to calculate the WPI for May 2024, while a weighted response rate of 95.3 percent was used to determine the final figure for March 2024. In accordance with WPI’s final revision policy, the provisional statistics will be revised. The item indices, inflation figures, and news release may all be accessed at http://eaindustry.nic.in
Next Press Release Date: On July 15, 2024, WPI for the month of May 2024 will be announced.
Note: With a two-week lead time from the reference month, DPIIT releases the monthly index number of wholesale prices in India on the 14th of each month (or the following working day). The index number is compiled using information from institutional sources and a subset of the nation’s manufacturing facilities. WPI (Base Year 2011–12=100) for the months of May 2024 (Provisional), March 2024 (Final), and other months/years are included in this news release. After ten weeks (from the month of reference), the WPI’s preliminary figures are finalized and then frozen.