Wholesale price-based (WPI) inflation rose to 14.55 percent in March, driven by a rise in crude oil and commodity (commodity) prices. This is the four-month high level of wholesale inflation since November 2021. The wholesale inflation at that time was 14.87 percent. However, the prices of vegetables have come down in March.
According to the data released on Monday by the Ministry of Commerce and Industry, the rate of wholesale inflation was 13.11 percent in February this year and 7.89 percent in March 2021. The ministry said that the rate of inflation remained high in March 2022 due to an increase in the prices of crude oil, natural gas, mineral oil, base metals, etc. Inflation has also increased due to the disruption of global supply chains due to the Russo-Ukraine war. Due to rising inflation, RBI may increase policy rates in the coming days.
Food prices down
According to the data, the common people got some relief due to the reduction in the prices of food items in March. Food inflation declined marginally to 8.06 percent during this period. In February 2022, this rate was 8.19 percent. Inflation in vegetables declined to 19.88 percent from 26.93 percent in February. The prices of pulses, wheat, paddy, potato, milk, egg, meat, and fish have also come down during this period.
Fuel prices increased by 35.42 percent
Fuel and electricity prices increased by 35.42 percent last month. Crude oil inflation rose to 83.56 percent in March from 55.17 percent in February. Inflation in manufactured goods rose to 10.71 percent during this period. In February 2022, the inflation rate of these items was 9.84 percent.
WPI in double digits for 12th consecutive month
period inflation rate
April 2021 10.44%
May 2021 12.94 percent
June 2021 12.07 percent
July 2021 11.16 percent
August 2021 11.39 percent
September 2021 10.66%
October 2021 12.54 percent
November 2021 14.23%
December 2021 13.56 percent
January 2022 12.96 percent
February 2022 13.11%
March 2022 14.55%
Estimated to reach 15 percent in April
The prices of products like edible oil have not come down substantially despite forecasts of a normal monsoon. In April, wholesale inflation is likely to remain in the range of 13.5-15 percent. However, it will depend on how crude oil prices remain for the rest of the current month. Rising inflation could be of particular concern to the Monetary Policy Committee of the RBI.
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