Friday, May 24, 2024

Wholesale inflation inches up marginally to 0.53% in March

NEW DELHI, APRIL 15: Wholesale inflation in the country rose marginally to 0.53% in March compared to 0.20% in the preceding month due to increase in prices of vegetables, potato, onion and crude oil.
The Wholesale Price Index (WPI)-based inflation was in the negative zone from April to October and had turned positive in November at 0.26%. The inflation in March 2023 was 1.41%.
“The annual rate of inflation based on all-India Wholesale Price Index (WPI) number is 0.53% (provisional) for the month of March, 2024 (over March, 2023)”, the Commerce and Industry Ministry said in a statement on Monday.
Food inflation moved up marginally to 6.88% in March from 5.42% in the same month a year ago, data showed. Inflation in vegetables was 19.52%, up from (- 2.39%) in the same month a year ago.
WPI for potato witnessed a jump of 52.96% against a deflation of 25.59%, while for onion 56.99% as compared to (-) 36.83% in March 2023.
The data showed that inflation in the crude petroleum segment rose by 10.26% in March this year against a deflation of 23.53% in March 2023 due to hardening of crude prices globally.
However, retail inflation declined to a 5-month low of 4.85% in March mainly due to cooling food prices.
The Consumer Price Index (CPI) based retail inflation was 5.09% in February and 5.66% in March 2023. Previously, CPI-based inflation was the lowest at 4.87% in October 2023.
The inflation in the food basket was at 8.52% in March, down from 8.66% in February, according to the data released by the National Statistical Office (NSO) last week. (PTI)