New Delhi: The retail inflation in the country surged to 17-month high of 6.95% in March. As per the data released by the Union Ministry of Statistics and Programme Implementation, this this is the third consecutive time that the Consumer Price Index (CPI) data has come over the Reserve Bank of India’s (RBI) upper margin of 6%. The previous high at 7.61% was recorded in October 2020.
The inflation in the food basket surged to 7.68% in March 2022, from 5.85% in the preceding month. As per the data by the National Statistical Office (NSO), inflation in oils and fats during the month surged to 18.79%. The inflation in the ‘fuel and light’ category was lower at 7.52% in March from 8.73% in the preceding month.
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 another 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.