New Delhi. The rise in fuel prices due to the supply crisis caused by the Russo-Ukraine war was reflected in the country’s wholesale price index and wholesale inflation reached a four-month high in March. According to the Wholesale Price Index for March released by the Ministry of Commerce and Industry on Monday, the wholesale inflation reached 14.55 percent last month, as compared to 13.11 percent in February and 7.89 percent in March 2021. This is the 12th consecutive month that wholesale inflation has increased in double digits. According to the data released by the ministry, on a year-on-year basis, the group of primary articles included in the Wholesale Price Index grew by 8.71 percent, fuel and electricity 23.52 percent, manufactured products 10.71 percent and food index rose by 8.71 percent. In comparison to February, there was an increase of 2.69 percent in wholesale inflation in March.
On month-on-month basis, in March 2022 over the previous month, 2.10 percent in primary articles, 21.18 percent in petroleum and natural gas, 9.72 percent in minerals, 5.68 percent in fuel and electricity, 5.22 percent in LPG, 6.40 percent in petrol and manufactured The products saw a rise of 2.31 per cent. In comparison to February, there was a decline of 0.82 percent in the index of food articles last month. The prices of oilseeds and pulses declined during this period, while the prices of wheat, cereals, fruits, milk, eggs, meat and fish increased. Aditi Nair, Chief Economist, ICRA, said the rise in the wholesale price index was due to the rise in commodity prices.
Suman Choudhary, chief analysis officer, Acuite Ratings & Research, said the sharp rise in crude oil prices is driving the commodity prices, which is reflecting on both the wholesale price and retail price indices. It is worth noting that according to the data of the Retail Price Index released on April 12, retail inflation reached a 17-month high of 6.95 percent in March.