Team News Riveting
New Delhi. April 15
India’s annual rate of inflation in the month of March stood at 7.39 per cent, 8-year high, as compared to 4.17 per cent in the month of February, 2021.
The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year that resulted in the spike, the data released by the office of the economic adviser, department for promotion of industry and internal trade, said.
Also, due to nationwide lockdown, the WPI index for the month of March 2020 (120.4) was computed with relatively low response rate.
This is the third straight month of up-tick seen in the wholesale price index (WPI) based inflation. Such a high level of WPI was last recorded in October 2012, when it was 7.4 per cent.
March WPI fuel and power inflation rose to 10.25 per cent against 0.58 per cent in the previous month. Primary articles inflation in March stood at 6.40 per cent as compared to 1.82 per cent in February 2021.
Food inflation stood at 5.28 per cent against 3.31 per cent and manufactured products inflation was at 7.34 per cent versus 5.81 per cent month-on-month, the data showed. Manufactured products, which has 64 per cent weightage in the WPI index, saw 7.34 per cent jump in prices.
The annual rate of inflation stood at 7.39 per cent (provisional) for the month of March, 2021 over March, 2020. However, month-on-month (March 2021 over February 2021) rate of inflation stood at 1.57 per cent (Annexure-I).
The index for this major group increased by (0.55 per cent to 146.2 (provisional) in March, 2021 from 145.4 (provisional) for the month of February, 2021. Prices of Crude Petroleum and Natural Gas (8.64 per cent Non-food Articles (1.90 per cent) and Minerals (0.35 per cent) increased in March, 2021 as compared to February, 2021. Prices of Food Articles (-0.45 per cent) declined in March, 2021 as compared to February, 2021.
