High inflation due to daily rise in fuel prices: Chidambaram
His comments came on a day when retail inflation rose to 6.3 per cent in May, breaching the RBI’s comfort level, on the back of costlier food items.
“WPI Inflation is 12.94 percent. CPI Inflation is 6.3 percent. Do you want to know why? Fuel and Power inflation is 37.61 per cent. Thanks to PM Modi raising petrol and diesel prices every day,” Chidambaram said on Twitter.
WPI Inflation is 12.94%CPI Inflation is 6.3%Do you want to know why? Fuel & Power inflation is 37.61%. Thanks… https://t.co/GbK6bfc6ar
— P. Chidambaram (@PChidambaram_IN) 1623676189000
“Food inflation is 6.3 per cent. Do you know why? Pulses inflation is 9.39 percent. Edible oil inflation is 30 percent. These are high marks for competent economic management,” the former finance minister added.
The wholesale price-based inflation accelerated to a record 12.94 per cent in May, on account of rising prices of crude oil, manufactured goods and a low base of last year.