On Monday, almost all TV channels left their coverage on Udta Punjab verdict midway and cut LIVE to an impromptu press conference by Union Finance Minister Arun Jaitley on how India had been transformed from a country of ‘policy paralysis’ into a country known as a ‘bright spot.’
Soon the channels realised the finance minister’s press conference lacked any breaking news and they returned to broadcast the remaining coverage on Udta Punjab verdict.
Minutes later, the news that appeared to sharply contradict Jaitley’s claims on India’s economy came in. It said that the rate of inflation had gone even higher because of ever rising prices of essential commodities.
Rising for the second month in a row, retail inflation shot up to 5.76% in May due to rise in prices of food items, including vegetables.
PTI report said that the rise may make it difficult for the Reserve Bank of India (RBI) to lower the interest rates in the immediate future.
The retail inflation measured on Consumer Price Index (CPI) for April has been revised upwards to 5.47 per cent from the earlier 5.39 per cent, government data showed on Monday.
It was 5.01 per cent in May 2015.
Inflation in the vegetable basket more than doubled to 10.77 per cent in May as compared to 4.82 per cent in the previous month.
Similarly, the rate of price rise was sharp in protein rich eggs at 9.13 per cent as compared to 6.64 per cent in April.
Overall food inflation moved up to 7.55 per cent in May as against 6.32 per cent in the previous month, the data showed.
Cereal and related products, meat and fish, milk and its products, and fruits were dearer in May as compared to the previous month.
As per the data, inflation in the fuel and light segment was marginally down in May from the previous month.
Ministry of Statistics and Programme Implementation collects data from selected towns and villages to calculate CPI-based retail inflation.
The Reserve Bank factors in the retail inflation while arriving at its monetary policy.
(With inputs from PTI)