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India Inflation Accelerates More Than Expected

India's consumer prices rose at a faster than expected pace in May, official data showed Monday.

The consumer price index rose 6.30 percent year-on-year after a 4.23 percent increase in April. Economists had forecast inflation of 5.30 percent.

The consumer food price index climbed 5.01 percent annually following a 1.06 percent increase in the previous month.

Prices for food and beverages grew 5.24 percent annually. The clothing and footwear component of the CPI registered a 5.32 percent increase. Housing costs rose 3.86 percent. The fuel and light group logged an 11.58 percent rise.

Compared to the previous month, the CPI rose 1.65 percent in May and the food price index climbed 1.92 percent.

Earlier on Monday, official data showed that India's wholesale price inflation hit a record high of 12.94 percent in May, driven by higher fuel prices.

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