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India’s wholesale inflation softens to 2.47 percent

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India’s wholesale price-indexed (WPI) inflation softened to 2.47 percent in March from 2.48 percent reported for the previous month, official data showed on Monday.

India's wholesale inflation softens to 2.47 percent
India's wholesale price-indexed (WPI) inflation softened to 2.47 percent in March from 2.48 percent reported for the previous month

According to the Commerce Ministry data, the WPI inflation in March 2017 was more than double at 5.11 percent.

“The annual rate of inflation, based on monthly WPI, stood at 2.47 percent (provisional) for March 2018 (over March 2017) as compared to 2.48 percent (provisional) for the previous month and 5.11 percent during the corresponding month of the previous year,” the ministry said in its report.

“Build up inflation rate in the financial year so far was 2.47 percent compared to a build up rate of 5.11 percent in the corresponding period of the previous year.”

On a sequential basis, expenses on primary articles, which constitute 22.62 percent of the WPI’s total weightage, inched up by 0.24 percent, from an increase of 0.79 percent in February.

The data disclosed that prices of food articles dipped by (-) 0.29 percent from an acceleration of 0.88 percent in the previous corresponding month.

On a year-on-year (YoY) basis, onion prices soared higher by 42.22 percent whereas potato prices rose by 43.25 percent.

In contrast, the overall vegetable prices in March deflated (-)2.70 percent, against a fall of (-)0.50 percent in the same month a year ago.

On April 12, the data released by the Central Statistics Office (CSO) showed that lower food prices eased March retail inflation to 4.28 percent from 4.44 percent in February 2018.

However, on a year-on-year (YoY) basis, the consumer price index (CPI) last month stood higher than the 3.89 percent reported in March 2017.

The CSO data revealed that the consumer food price index (CFPI) stood at 2.81 percent in March compared to 3.26 percent in February 2018.