The Aam Aadmi Party’s Punjab unit has strongly criticized Prime Minister Narendra Modi for the 13-month high wholesale inflation rate, describing it as a significant blow to the people. “PM Modi has bestowed upon the people of our nation a hefty present in the form of a wholesale inflation rate that has hit a 13-month high,” stated AAP Punjab in a post on ‘X’. The party expressed concern over the soaring prices of essential food items, particularly vegetables like potatoes and onions, noting a staggering increase in vegetable inflation by 23.6%, with potatoes at 72% and onions at 60%.
In a scathing attack on Punjab Bharatiya Janata Party (BJP) chief Sunil Jakhar, AAP questioned his willingness to address such a critical public issue. “Mr. @sunilkjakhar, do you have the courage to raise questions or even speak a word on this highly sensitive public issue? Or have you completely surrendered all your principles to your masters in Delhi?” questioned Jakhar.
India witnessed a surge in wholesale inflation to a 13-month high of 1.26% in April 2024, compared to -0.8% in April 2023, according to official data from the commerce ministry. While fuel, food, and core items drove this increase, experts noted that despite global challenges, fuel and power inflation remained subdued, while food inflation remained a concern.
Additionally, experts highlighted that food price pressures have hindered India’s disinflation process, posing challenges to achieving the Reserve Bank of India’s 4% inflation target. Furthermore, they pointed out that although crude inflation has moderated recently, the upward trend in the commodity market may impact business growth, potentially leading to further inflationary pressures.
ICRA (Investment Information and Credit Rating Agency) forecasts a further hardening of WPI inflation to 2.0-3.0% in May 2024, driven by the widening unfavorable base for items such as food and crude oil.
