New Delhi: Wholesale Price-based Inflation surged to 14.55% in March. The rate has reached at a 4-month high. The last time such a level of WPI was recorded was in November 2021, when inflation was 14.87%.
This is for the 12th month in a row that the WPI inflation is in double digits. WPI rate touched double digits in April 2021. The surge in the crude oil price and commodity price is the main cause of the hike in WPI-inflation rate. WPI Inflation in February was at 13.11%, while in March last year, it was 7.89%.
Earlier the data released by the Union Ministry of Statistics and Programme Implementation revealed that the retail inflation in the country surged to 17-month high of 6.95% in March. 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.
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.