Wholesale price inflation rose to a four-month high of 14.55 per cent in March, against 13.11 per cent in February. The rise was basically due to surging prices of crude petroleum and natural gas as well as basic metals.
According to Commerce Ministry, prices of crude and petroleum products rose due to a disruption in global supply chain caused by Russia-Ukraine war.
In fact wholesale price inflation of 14.55 per cent in March 2022 has doubled in the past one year as it was 7.89 per cent in March, 2021.
Wholesale inflation, which is measured on wholesale price index (WPI) was 14.27 per cent in December 2021. It came down to 13.68 per cent in January 2022 and then to 13.11 per cent in February. However in March 2022 it has spiked sharply due to the rising crude oil prices and other primary articles.
There was a considerable rise in prices of primary articles, manufactured products as well as fuel and power in March 2022 compared to February 2022, which led to a surge in wholesale price inflation.
Commerce Ministry data showed that the index for primary articles rose by 2.10 per cent to 170.3 in March, from 166.8 in February 2022.
Prices of crude petroleum & natural gas (21.18 per cent), minerals (9.72 per cent) and non-food articles (2.94 per cent) increased in March 2022 as compared to February 2022. Prices of food articles (-0.82 per cent) declined in March 2022 as compared to February 2022.