New Delhi: Wholesale inflation in India surged marginally to 0.53 per cent in March. It was at 0.20 per cent in February. The increase in prices of vegetables, potato, onion and crude oil is the main reason for this surge.
The Wholesale Price Index (WPI)-based inflation was in the negative zone from April to October. It had turned positive in November at 0.26 per cent. The inflation in March 2023 was 1.41 per cent.
‘The annual rate of inflation based on all-India Wholesale Price Index (WPI) number is 0.53 per cent (provisional) for the month of March, 2024 (over March, 2023),’ the commerce and industry ministry said in a statement on Monday.
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Food inflation moved up marginally to 6.88 per cent in March from 5.42 per cent in the same month a year ago. Inflation in vegetables was 19.52 per cent, up from (- 2.39) per cent in the same month a year ago. WPI for potato witnessed a jump of 52.96 per cent against a deflation of 25.59 per cent, while for onion 56.99 per cent as compared to (-) 36.83 per cent in March 2023.
Inflation in the crude petroleum segment rose by 10.26 per cent in March this year against a deflation of 23.53 per cent in March 2023.
However, retail inflation declined to a five-month low of 4.85 per cent in March. The Consumer Price Index (CPI) based retail inflation was 5.09 per cent in February and 5.66 per cent in March 2023. Previously, CPI-based inflation was the lowest at 4.87 per cent in October 2023.The inflation in the food basket was at 8.52 per cent in March, down from 8.66 per cent in February.
Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India is made after reviewing the CPI.
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