India’s wholesale inflation — measured via the Wholesale Price Index (WPI) – climbed to a record high of 15.08 percent in April on surging prices across segments from food to commodities. The WPI-based inflation was 14.55 percent in March this year and 10.74 percent in April last year.
“The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year,” the commerce and industry ministry said in a statement.The WPI inflation has remained in double digits for the 13th consecutive month since April last year and the reading for April is the highest in at least nine years.
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Wholesale inflation in the food category stood at 8.35 percent, as prices of vegetables, wheat, fruits and potato witnessed sharp spike over the year-ago period.
In the fuel and power basket, inflation was 38.66 percent, while in manufactured products and oilseeds, it was 10.85 percent and 16.10 percent, respectively.
Inflation in crude petroleum and natural gas was 69.07 percent in April.
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Data released last week showed that retail inflation rose to a near 8-year high of 7.79 percent in April, remaining above the Reserve Bank’s inflation target for the fourth straight month.
To tame stubbornly high inflation, the RBI earlier this month hiked its key interest rate by 0.40 percent and cash reserve ratio by 0.50 percent in a surprise move.
