: Retail Inflation for industrial workers rises to 5.24 per cent in May #finance #StockMarketNEWS Retail Inflation for industrial workers rises to 5.24 per cent in May New Delhi, Jul 1 (KNN) Retail

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Retail Inflation for industrial workers rises to 5.24 per cent in May #finance #StockMarketNEWS
Retail Inflation for industrial workers rises to 5.24 per cent in May New Delhi, Jul 1 (KNN) Retail inflation for industrial workers rose marginally to 5.24 per cent in May 2021 from 5.14 per cent in April mainly influenced by rise in prices of certain food items and petroleum products and also because of higher mobile phone charges.

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 and 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 and year ago, the Ministry of Labour & Employment said in a statement on Wednesday.

The index for industrial workers for May 2021 increased by 0.5 points and stood at 120.6 points. It was 120.1 points in April this year.

On the basis of monthly percentage change, the index for May 2021 increased by 0.42 per cent compared to the previous month of April 2021.

The rise in the current index was due to the Food & Beverages group which contributed 0.35 percentage point to the total increase, the statement added.

Some of these food items were rice, arhar dal, masur dal, fish fresh, goat meat, eggs-hen, edible oil, apple and banana among others.

While releasing the index, Minister of Labour & Employment Santosh Gangwar said that the rise in index will result into increased wages of the working-class population by way of increase in dearness allowance payable to them.

Gangwar also said that increase in wages will provide respite to working class families who have witnessed many hardships during the Lockdown period due to COVID.  

The rise in Index during May, 2021 is in line with all other price indices compiled and released by different agencies in the country and marginal increase in annual inflation has, however, been observed during the month due to increase in prices of Food and Fuel items which is also in line with other price indices, said DPS Negi Director General, Labour Bureau.

The Labour Bureau, an attached office of the M/o Labour & Employment, has been compiling the Consumer Price Index for Industrial Workers every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country.

The index is compiled for 88 centres and All-India and is released on the last working day of the succeeding month.

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