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Financial News: India Wholesale Price Inflation Rises To 0.53%

India Wholesale Price Inflation Rises To 0.53%

04/15/2024 - 03:30:00 (RTTNews)

(RTTNews) - India's wholesale prices increased for the fifth straight month in March, and at the fastest pace in three months, data published by the National Statistical Office showed on Monday.

The wholesale price index, or WPI, rose 0.53 percent year-over-year in March, after a 0.20 percent gain in February. Economists had expected a 0.51 percent increase for the month.

The increase in inflation was primarily due to the increase in prices of food articles, electricity, crude petroleum and natural gas, machinery and equipment, and other manufacturing.

Food price inflation rose to 4.65 percent from 4.09 percent in February. Costs for primary articles grew 4.51 percent in March, almost in line with the 4.49 percent rise a month ago.

Meanwhile, prices for manufactured products were 0.85 percent lower compared to last year, and those for fuel and power declined 0.77 percent.

On a monthly basis, wholesale prices moved up 0.4 percent in March after remaining flat in the previous month.

Data released earlier this week showed that India's consumer price inflation eased to a nine-month low of 4.85 percent in March from 5.09 percent in the prior month.

Further, inflation remained within the central bank's tolerance band of 2-6 percent.

Earlier this month, the Reserve Bank decided to keep the repo rate unchanged at 6.50 percent.

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