Saturday, January 22, 2022

Wholesale Inflation rate rises above 7 percent

Wholesale Inflation rate in the country zoomed above 7 per cent driven by an increase in prices of fuel, food and manufactured goods.

As per the provisional data released for the month of March by Department for Promotion of Industry and Internal Trade of the Commerce Ministry, the annual rate of WPI inflation stood at 7.39 per cent for the month of March over the corresponding period of last year.

However, month-on-month rate of inflation stood at 1.57 % per cent.

The Department has said in its report that the prices of crude oil, petroleum products and basic metal substantially increased last month as compared to the corresponding month of last year. It also added that due to nationwide lockdown, the Wholesale Price Index for the month of March last year was computed with relatively low response rate and therefore the difference between the corresponding period this year has recorded a larger gap.

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