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LATEST NEWS UPDATES | WPI inflation rises to 14.55% in March, completes one year in double-digit territory

WPI inflation rises to 14.55% in March, completes one year in double-digit territory

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published Published on Apr 18, 2022   modified Modified on Apr 19, 2022

-MoneyControl.com

The rise in wholesale inflation in March to a four-month high comes after data released on April 12 showed the more closely-tracked headline retail inflation rate jumped to a 17-month high of 6.95 percent last month

India's inflation based on the Wholesale Price Index (WPI) rose to a four-month high of 14.55 percent in March from 13.11 percent in February, according to data released by the commerce ministry on April 18.

The WPI inflation was 7.89 percent in March 2021. Another 10 percent-plus print means WPI inflation has now been in double-digit territory for 12 consecutive months.

The rise in wholesale inflation in March comes after data released on April 12 showed the more closely-tracked headline retail inflation rate based on the Consumer Price Index (CPI) jumped to a 17-month high of 6.95 percent last month.

While the Reserve Bank of India's (RBI) policy target is spelt out in terms of CPI inflation, high WPI inflation is seen as a precursor to higher consumer prices as producers pass on rising costs to customers.

The rise in WPI inflation in March was driven by an increase in prices across the board, although non-food items led the charge.

"The high rate of inflation in March, 2022 is primarily due to rise in prices of crude petroleum & natural gas, mineral oils, basic metals, etc owing to disruption in global supply chain caused by Russia-Ukraine conflict," the commerce ministry said.

The index for the fuel and power group of the WPI jumped 5.68 percent month-on-month in March, while that for manufactured products rose 2.31 percent over the same period.

Manufactured products account for 64.23 percent of the WPI basket.

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MoneyControl.com, 18 April, 2022, https://www.moneycontrol.com/news/business/economy/wpi-inflation-rises-to-14-55-in-march-completes-one-year-in-double-digit-territory-8372411.html?fbclid=IwAR1zMsr52ACJBCTM_7O5BE2d3COSKxz3SYspxXY20Co5O7La5doI5zwKzC0


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