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Business EconomyPosted at: Jun 14 2021 9:17PM


Sharp rise in WPI inflation in May 2021 not a surprise as it reflects rising global commodity prices including metal and energy prices: Sanyal

Kolkata, Jun 14 (UNI) Siddhartha Sanyal, Chief Economist and Head – Research, Bandhan Bank
on Monday said the sharp rise in WPI inflation in May 2021 is not a surprise as it reflects rising
global commodity prices including metal and energy prices.
While domestic demand situation in India remains markedly weak, prices of such commodities typically are strongly influenced by global prices and, thus, will not likely soften in a hurry, he said.
Mr Sanyal said CPI inflation will likely stay elevated in the coming months as well and the RBI’s current CPI forecast of 5.1% during 2021-22 clearly faces material upside risks reflecting global commodity prices, a sharp rise in prices of petroleum products in India and continued supply disruptions.
However, the MPC rightly hinted at their bias to look through the rising inflation prints in the
coming months to continue supporting growth, likely relying more on unconventional monetary
policy tools, given the nascent and tentative nature of recovery in economic activities, he added.
UNI BM
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