April WPI inflation rises to 3.18%; Hits 4-month high

15 May, 2018, 13:49 | Author: Terri Saunders
  • Retail Inflation Inches Up to 4.58 Percent in April CPI on Decline Since A Year

The trends have shown that the CPI is on the decline, since January previous year. Within the category, prices of high-speed diesel rose twice as fast at 13 per cent in April, petrol prices rose by 9.45 per cent in April, up from the 2.55 per cent rise seen in March. Fruits grew costlier by 19.47%, and onion by 13.62%. However, the price of manufacture of cordage, rope, twine and netting, woollen yarn and made-up textile articles (1 per cent each) declined.

Among manufactured products, basic metals rose by 13.04%, while sugar became cheaper by 15.56% in April over the corresponding month previous year.

An exponential rise in food and fuel prices lifted India's wholesale inflation rate to 3.18 percent in April from a rise of 2.47 percent in the previous month, official data showed in New Delhi on Monday.

The category of food and beverages during the month under consideration recorded a rise of 3 per cent over the same period a year ago.

The index for Minerals group rose by 1.6% to 121.6 (provisional) from 119.7 (provisional) for the previous month due to higher price of manganese ore (4%), copper concentrate and limestone (3% each) and zinc concentrate and lead concentrate (1% each).

As inflation based on wholesale prices rose to 3.18 per cent in April, India Inc on Monday said the cascading impact of rising crude oil prices would be one of the key worry areas for India's economy going forward.

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The hardening of inflation, both retail and wholesale, comes weeks ahead of RBI's Monetary Policy Committee meet on June 4 and 5.

The index for Manufacture of Other Transport Equipment group declined by 0.4 per cent to 110.2 from 110.6 for the previous month due to lower price of railway brake gear (4 per cent) and motorcycles (1 per cent). Housing inflation increased to 8.50 per cent in April from 8.31 per cent in March and inflation rate for "clothing and footwear" increased to 5.11 per cent in April from 4.91 per cent.

Inflation for fuel and power segment came at 7.85% in April as compared to 4.70% for the previous month.

The WPI inflation for February was revised upwards to 2.74 percent from the provisional estimate of 2.48 percent. Core CPI inflation remained high at 5.9 per cent in April as against 5.3 per cent in March.

On WPI, Aditi Nayar, Principal Economist with ICRA said that inflation is expected to continue to rise over the remainder of this quarter.

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