Food & Energy Prices Push India's Wholesale Inflation To 1.26% In April
Date
5/15/2024 2:25:13 PM
(MENAFN- KNN India) New Delhi, May 15 (KNN) India's wholesale price inflation surged to a 13-month high of 1.26 per cent in April, accelerating from 0.53 per cent in March, according to provisional data released by the Ministry of Commerce & Industry.
The spike in the Wholesale Price index (WPI) exceeded Reuters estimates of 1 per cent and was primarily driven by mounting prices of food articles, electricity, crude petroleum & natural gas, manufactured food products, and other manufactured items.
On a month-on-month basis, the WPI index rose by 0.79 per cent in April compared to March.
Food inflation emerged as a significant contributor, with prices of food articles climbing 7.74 per cent in April, up from 6.88 per cent in the previous month.
Vegetables witnessed a steep inflation rate of 23.60 per cent, while wheat and pulses registered price rises of 5.69 per cent and 16.58 per cent, respectively. Milk inflation eased marginally to 4.30 per cent from 4.73 per cent in March, but potato and onion prices skyrocketed by 71.97 per cent and 59.75 per cent, respectively.
The fuel and power segment also exerted inflationary pressure, with inflation in this category rising to 1.38 per cent in April from -0.77 per cent in March.
Crude petroleum and natural gas prices surged by 4.97 per cent during the month, while crude petroleum alone witnessed a 6.52 per cent increase.
In contrast, non-food articles reported a wholesale deflation of -4.41 per cent.
The uptick in wholesale inflation comes on the heels of India's retail inflation, based on the Consumer Price Index (CPI), easing to an 11-month low of 4.83 per cent year-on-year in April, primarily due to lower core inflation and higher deflation in fuel and light.
As food and energy prices continue to mount, their impact on overall inflation remains a concern for policymakers and consumers alike.
(KNN Bureau)
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