Wholesale price inflation eases to 2.47% in March

Wholesale price inflation eases to 2.47% in March

Wholesale prices climbed 2.47 percent year-over-year in March, nearly in line with February's 2.48 percent increase.

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

The Japanese government bonds remained flat Monday as investors wait to watch the country's trade balance data for the month of March and the national consumer price inflation (CPI) data for the similar period, scheduled to be released on April 17 and April 19 by 23:50GMT and 23:30GMT respectively. Compared to March 2017, food prices were 1.1 per cent higher, while non-food and services prices rose by 1.2 per cent and 4.6 per cent, respectively.

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

Similarly, the protein-based food items such as eggs, meat and fish became cheaper by (-) 0.82 per cent during the month.


Food articles inflation contracted in March 2018 at 0.29 per cent.

That compares to the Reserve Bank's quarterly projection of 0.6 per cent for an annual rise of 1.1 per cent.

Inflation in "fuel and power" basket, however, rose to 4.70 per cent in March from 3.81 per cent in the previous month. However, the price of raw silk, mesta and hides, sunflower, soyabean, fodder, raw wool, coir fibre and raw rubber all moved up. Petrol prices grew 2.55 percent in March from 43.38 percent a year ago. However, the March 2018 inflation is higher than 3.89 per cent recorded in the same month previous year. WPI Food Index holds 24.38% in the overall wholesale inflation.

Two of the nine Monetary Policy Committee (MPC) members already voted to hike rates to 0.75 per cent last month, marking the first split vote since last November when rates were raised from 0.25 per cent to 0.5 per cent.

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