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India’s WPI at 2.47% in March

Author: IANS/Monday, April 16, 2018/Categories: Economy

India’s WPI at 2.47% in March

New Delhi, April 16 - India's wholesale price-indexed (WPI) inflation softened to 2.47% in March from 2.48% reported for the previous month, official data showed on April 16.

According to the Commerce Ministry data, the WPI inflation in March 2017 was more than double at 5.11%.

"The annual rate of inflation, based on monthly WPI, stood at 2.47% (provisional) for March 2018 (over March 2017) as compared to 2.48% (provisional) for the previous month and 5.11% during the corresponding month of the previous year," the ministry said in its report.

"Build up inflation rate in the financial year so far was 2.47% compared to a build up rate of 5.11% in the corresponding period of the previous year."

On a sequential basis, expenses on primary articles, which constitute 22.62% of the WPI's total weightage, inched up by 0.24%, from an increase of 0.79% in February.

The data disclosed that prices of food articles dipped by (-) 0.29% from an acceleration of 0.88% in the previous corresponding month.

On a year-on-year (YoY) basis, onion prices soared higher by 42.22% whereas potato prices rose by 43.25%.

In contrast, the overall vegetable prices in March deflated (-)2.70%, against a fall of (-)0.50% in the same month a year ago.

On April 12, the data released by the Central Statistics Office (CSO) showed that lower food prices eased March retail inflation to 4.28% from 4.44% in February 2018.

However, on a year-on-year (YoY) basis, the consumer price index (CPI) last month stood higher than the 3.89% reported in March 2017.

The CSO data revealed that the consumer food price index (CFPI) stood at 2.81% in March compared to 3.26% in February 2018.

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Kavita Giridhar Mallya

IANS

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