Wholesale inflation rises to 4-month high in April

Wholesale inflation rises to 4-month high in April

The index for Coal group rose by 0.3% to 123.0 (provisional) from 122.6 (provisional) for the previous month due to higher price of lignite (8%).

The CPI index had been declining since January this year.

The index for Mineral Oils group rose by 1.6% to 89.9 (provisional) from 88.5 (provisional) for the previous month due to higher price of naphtha and petroleum coke (4% each), furnace oil (3%) and HSD, kerosene and petrol (2% each).

However, inflation in vegetables segment was lower at 7.29 per cent in April compared to 11.7 per cent.

As the payment for oil increases, India's current account deficits are prone to widen making the economy more vulnerable to rising United States interest rates.

As per the Central Statistics Office (CSO) data, retail inflation was 4.28 per cent in March and 2.99 per cent in April previous year.


Data released by the Central Statistics Office (CSO) on Monday showed retail inflation, as measured by the Consumer Price Index (CPI), rose for the first time in four months to 4.6 per cent in April, faster than the previous month's 4.3%. It touched a high of $78 this month. Overall, inflation in the food basket remained flat at 2.8 per cent month-on-month. It also slashed CPI inflation estimate to 4.7-5.1 percent in April-September, 2018-19 and 4.4 percent in the next half of the year, including the impact of house rent allowance.

An increase in oil price of $10 a barrel could quicken inflation by about 1 percentage point and reduce economic growth by 0.2 to 0.3 percentage points, a senior finance ministry official told Reuters, before the release of the Monday's data.

Deflation in vegetables was 0.89 per cent in April, while in the previous month it was 2.70 per cent. Build up inflation rate in the financial year so far was 0.69% compared to a build-up rate of 0.00% in the corresponding period of the previous year.

"The global rise in crude oil prices remains a key risk for the inflation trajectory".

In addition, India Ratings and Research's Chief Economist Devendra Kumar Pant said: "Higher core-core inflation (non-food, non-fuel and light and non-transport and communication) shot to 34 months high at 6 per cent".

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