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High global energy and raw material prices combined with a weak rupee fueled the fastest annual rise in India's wholesale prices in more over 30 years, raising expectations for the central bank to order more interest rate hikes. A surge in crude oil and commodity prices since Russia invaded Ukraine in February has set inflation alight in many countries, forcing central banks to raise interest rates. Wholesale prices, akin to producer prices, climbed 15.88% in May from year ago levels, staying in double-digits for a 14th straight month, and was, according to economists, India's highest since September 1991. A Reuters poll of analysts had forecast a rise of 15.10%.
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