Consumer goods firms have been struggling with higher commodity and freight costs this year due to pandemic-related disruptions, forcing many, including Procter & Gamble, to raise prices.
Import prices rose 1.1% last month after gaining a 0.8% in April.
The report also showed export prices jumped 2.2% in May after rising 1.1% in April. Prices for agricultural exports rose 6.1%, the largest gain since in November 2010.
Seri Plastic will set up a jointly owned business with Unilever and will buy and convert the London-based group's plant in the southern town of Pozzilli, which will recycle plastic waste based on EU circular economy models.
The deal is in line with Unilever's "Clean Future" global project, which includes the aim of halving the use of plastics in its packaging by 2025, the statement said.
Products like Snac tac noodles and Yeah! colas are Reliance’s private label brands - and billionaire Ambani’s not-so-secret weapons as he sets his sights on dominating a grocery market that’s already worth a cool $608 billion and set to grow more than 20% by 2024, according to Forrester Research.