WPI at March 2024: Wholesale inflation has seen a slight increase in March. The reason for this is the increase in the prices of vegetables, potatoes, onions and crude oil in the country. Wholesale inflation rose marginally to 0.53 per cent in March from 0.20 per cent in February. Wholesale price index (WPI) based inflation remained below zero continuously from April to October. In November it was 0.26 percent. In December, 2022 it was at the level of 5.02 percent.
The Ministry of Commerce and Industry said in a statement on Monday that the annual rate of inflation based on All India Wholesale Price Index (WPI) data stood at 0.53 percent (provisional) in March 2024. Potato inflation was 25.59 percent in March 2023 and it was 52.96 percent in March 2024. Onion inflation stood at 56.99 percent which was minus 36.83 percent in March 2023. According to the data, inflation in the crude petroleum segment increased by 10.26 per cent in March this year due to rising global crude oil prices.
Brent crude at $90 per barrel
Let us tell you that due to Ukraine’s damage to Russia’s oil facilities last day, there was a rise in the price of crude oil. At present, Brent crude is hovering around $90 per barrel.
Reduction in crude inflation
Retail inflation declined to a five-month low of 4.85 per cent in March this year, mainly due to fall in food prices. Retail or Consumer Price Index (CPI) based inflation rose to 5.66 percent in March. It was 5.09 percent in February. According to data released last week by the National Statistical Office (NSO), food inflation stood at 8.52 per cent in March compared to 8.66 per cent in February.
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