India’s wholesale inflation eases to 1.34 per cent in March, the government data revealed. According to the Ministry of Commerce and Industry, the latest Wholesale Price Index (WPI) inflation figure is the lowest in 29 months.
The country’s wholesale inflation was 3.85 per cent in February 2023 and 14.63 per cent in March 2022. According to the statement released on April 17, the fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber and plastic products, crude petroleum & natural gas, and paper and paper products contributed to the decline in the rate of inflation in March.
The index for primary articles increased by 1.16 per cent to 175 (provisional) in March 2023 from 173 (provisional) for February 2023.
Prices of Minerals surged 8.16 per cent, crude petroleum and natural gas rose 4.61 per cent and food articles gained 1.13 per cent in March 2023 as compared to February 2023. Prices of non-food articles declined by 2.05 per cent in March 2023 as compared to February 2023, according to the ministry of commerce and industry.
According to the statement, the index for fuel and power group declined by 1.26 per cent to 156.8 (provisional) in March 2023 from 158.8 (provisional) for February 2023. Prices of coal increased 0.07 per cent in March 2023 as compared to February 2023. Prices of mineral oils and electricity declined by 0.24 per cent and 4.95 per cent, respectively, in March 2023 as compared to February 2023.
The index for manufactured products group declined by 0.28 per cent to 141.2 (provisional) in March 2023 from 141.6 (provisional) for February 2023, the ministry said.
Of the 22 National Industrial Classification (NIC) two-digit groups for manufactured products, 12 groups have witnessed an increase in prices while 9 groups have witnessed a decrease in prices, and one group remained unchanged.
The food index consisting of ‘Food Articles’ from the primary articles group and ‘Food Product’ from the manufactured products group increased from 171.3 in February 2023 to 172.1 in March 2023, according to the statement. (ANI)
