Lagatar24 Desk
New Delhi, May 17: In April, wholesale price-based inflation reached a new high of 15.08 percent, owing to increased prices in a variety of sectors, including food and commodities.
Inflation based on the WPI was 14.55 percent in March and 10.74 percent in April of the previous year.
“The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. As compared to the corresponding month of the previous year,” the commerce and industry ministry said in a statement.
Since April of last year, WPI inflation has remained in double digits for the 13th month in a row. Food inflation was 8.35 percent, with high increases in the prices of vegetables, wheat, fruits, and potatoes compared to the previous year.
Inflation in the fuel and electricity basket was 38.66 percent, while it was 10.85 percent in manufactured goods and 16.10 percent in oil seeds, respectively. In April, crude petroleum and natural gas inflation was 69.07 percent.
Retail inflation surged to a near 8-year high of 7.79 percent in April, exceeding the Reserve Bank’s inflation target for the fourth month in a row, according to data released last week.
In an unexpected move to combat stubbornly high inflation, the RBI raised its benchmark interest rate by 0.40 percent and its cash reserve ratio by 0.50 percent earlier this month.
