April 16, 2024
NEW DELHI – The annual rate of inflation based on the all India Wholesale Price Index (WPI) number has risen marginally to 0.53 per cent for March 2024, the government said on Monday.
Wholesale inflation was 0.20 per cent in the preceding month due to increase in prices of vegetables, potato, onion and crude oil.
The Ministry of Commerce & Industry has said the positive rate of inflation in March 2024 is primarily due to an increase in prices of food articles, electricity, crude petroleum & natural gas, machinery & equipment and other manufacturing among others.
The month-over-month change in WPI index for the month of March, 2024 stood at 0.40 per cent as compared to the month before.
Notably, the WPI-based inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. The inflation in March 2023 was 1.41 per cent.
As per the ministry data, the food inflation moved up marginally to 6.88 per cent in March from 5.42 per cent in the same month a year ago. Inflation in vegetables was 19.52 per cent , up from (-) 2.39 per cent in the same month a year ago
WPI for potato witnessed a jump of 52.96 per cent against a deflation of 25.595, while for onion 56.99 per cent as compared to (-) 36.83 per cent in March 2023.
The rate of inflation based on WPI Food Index increased from 4.09 per cent in February 2024 to 4.65 per cent in March 2024.
The data showed that inflation in the crude petroleum segment rose by 10.26 per cent in March this year against a deflation of 23.53 per cent in March 2023 due to hardening of crude prices globally.
The index for Fuel & Power increased by 0.06 per cent to 155.2 in March from 155.1 for February.
Prices of Electricity (0.13 per cent ) and Mineral Oils (0.13 per cent ) increased in March 2024 as compared to February 2024. Prices of Coal (-0.15 per cent ) declined in March 2024 as compared to February 2024, the data said.
The index for Manufactured Products increased by 0.21 per cent to 140.1 in March from 139.8 for February 2024.