WPI inflation strikes 4-month high of 14.55% in March
NEW DELHI: The wholesale price-based inflation rose to a four-month high of 14.55 per cent in March, generally due to hardening of crude oil and product rates, despite the fact that veggies saw relieving of cost pressures. Based on the government information launched on Monday, WPI inflation has remained in double digits for the 12th consecutive month starting April 2021.
The last time such a level of WPI was taped was in November 2021, when inflation was 14.87 percent.
WPI Inflation in February was at 13.11 per cent, while in March in 2015, it was 7.89 percent.
During the month, inflation in food short articles alleviated to 8.06 per cent, from 8.19 percent in February. Veggie inflation was 19.88 per cent, versus 26.93 per cent in February.
“The high rate of inflation in March, 2022 is mainly due to increase in rates of crude petroleum and natural gas, mineral oils, basic metals, and so on owing to disturbance in the worldwide supply chain brought on by the Russia-Ukraine conflict.” the Commerce and Market Ministry said in a declaration.
Inflation in produced items was 10.71 percent in March, versus 9.84 per cent in February.
In the fuel and power basket, the rate of rate rise was 34.52 per cent throughout the month.
Inflation in unrefined petroleum spiked to 83.56 percent in March, from 55.17 percent throughout February.
Retail inflation surged to 6.95 percent in March– the 3rd successive month that the customer rate index has breached the RBI’s tolerance limitation of 6 per cent, data launched last week showed.
The Reserve Bank earlier this month kept its crucial repo rate– at which it provides short-term money to banks– the same for the 11th time in a row at 4 per cent, to support growth.
Published at Mon, 18 Apr 2022 06:44:25 +0000