Wpi Inflation Spikes To Record High Of 15.08 Per Cent In April Government Data IG News

Wpi Inflation Spikes To Record High Of 15.08 Per Cent In April Government Data

Summary

WPI Inflation Spikes To Record High In April: There has been a sharp increase in wholesale inflation. According to the data released by the government on Tuesday, the wholesale inflation rate reached a high of 15.08 per cent in April. It was at 14.55 per cent in March last month.

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The people of the country are facing major setbacks one after the other on the inflation front. All the efforts of the government are proving unsuccessful in controlling the rising inflation. In the past, retail inflation reached an eight-year high and now wholesale inflation has also seen a sharp increase. According to the data released by the government on Tuesday, the wholesale inflation rate reached a high of 15.08 per cent in April. It was at 14.55 per cent in March last month. This figure of wholesale inflation is the biggest in the last nine years.

Double digits for 13th consecutive month
The biggest hand in reaching the new record level of wholesale inflation is due to the increase in the prices of commodities ranging from food. Let us inform here that in the same period last year, the wholesale inflation rate was at 10.74 per cent. It is worth noting that wholesale inflation has remained in double digits for the 13th consecutive month since April last year.

Commerce Ministry explained the reason
On this large increase in wholesale inflation after retail, the Ministry of Commerce and Industry issued a statement saying that the high rate of inflation in April 2022 was mainly due to mineral oils, basic metals, crude petroleum and natural gas, food items, non-food items. This was due to increase in the prices of food products and chemicals and chemical products.

inflation in food
Going by government data, inflation in food articles stood at 8.35 per cent as prices of vegetables, wheat, fruits and potatoes showed a sharp rise compared to a year ago. Further, inflation in fuel and power stood at 38.66 per cent, while in manufactured products and oilseeds it was 10.85 per cent and 16.10 per cent, respectively. Inflation in crude petroleum and natural gas stood at 69.07 per cent in April.

Retail inflation at eight-year high
Significantly, according to the data released by the government last week, retail inflation in the country rose to an eight-year high in April. It grew at 7.79 per cent in April as compared to 6.95 per cent in March. Along with this, let us tell you that the retail inflation rate has been above the inflation target of the Reserve Bank for the fourth consecutive month.

Expansion

The people of the country are facing major setbacks one after the other on the inflation front. All the efforts of the government are proving unsuccessful in controlling the rising inflation. In the past, retail inflation reached an eight-year high and now wholesale inflation has also seen a sharp increase. According to the data released by the government on Tuesday, the wholesale inflation rate reached a high of 15.08 per cent in April. It was at 14.55 per cent in March last month. This figure of wholesale inflation is the biggest in the last nine years.

Double digits for 13th consecutive month

The biggest hand in reaching the new record level of wholesale inflation is due to the increase in the prices of commodities ranging from food. Let us inform here that in the same period last year, the wholesale inflation rate was at 10.74 per cent. It is worth noting that wholesale inflation has remained in double digits for the 13th consecutive month since April last year.

Commerce Ministry explained the reason

On this large increase in wholesale inflation after retail, the Ministry of Commerce and Industry issued a statement saying that the high rate of inflation in April 2022 was mainly due to mineral oils, basic metals, crude petroleum and natural gas, food items, non-food items. This was due to increase in the prices of food products and chemicals and chemical products.

inflation in food

Going by government data, inflation in food articles stood at 8.35 per cent as prices of vegetables, wheat, fruits and potatoes showed a sharp rise compared to a year ago. Further, inflation in fuel and power stood at 38.66 per cent, while in manufactured products and oilseeds it was 10.85 per cent and 16.10 per cent, respectively. Inflation in crude petroleum and natural gas stood at 69.07 per cent in April.

Retail inflation at eight-year high

Significantly, according to the data released by the government last week, retail inflation in the country rose to an eight-year high in April. It grew at 7.79 per cent in April as compared to 6.95 per cent in March. Along with this, let us tell you that the retail inflation rate has been above the inflation target of the Reserve Bank for the fourth consecutive month.

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