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India’s Wholesale Inflation at 14.55% due to Russia-Ukraine conflict

Provisional figures of the Wholesale Price Index (WPI) are released on the 14th of every month (or the next working day) with a time lag of two weeks of the reference

Statesman News Service | New Delhi |

The annual rate of inflation is 14.55% (provisional) for the month of March 2022 as compared to 7.89% owing to the rise in prices of crude petroleum and natural gas, mineral oils, basic metals, etc due to the disruption in global supply chains caused by Russia-Ukraine conflict.

The Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade (DPIIT) today released index numbers of wholesale prices in India (Base Year: 2011-12) for the month of March 2022 (provisional) and for the month of January 2022 (final).

Provisional figures of the Wholesale Price Index (WPI) are released on the 14th of every month (or the next working day) with a time lag of two weeks of the reference month and compiled with data received from institutional sources and selected manufacturing units across the country. After 10 weeks, the index is finalised and final figures are released and then frozen thereafter.

The month over month change in major groups of WPI is:

–Primary Articles (Weight 22.62%):-The index for this major group increased by 2.10% to 170.3 (provisional) in March 2022 from 166.8 (provisional) for the month of February 2022. Prices of Crude Petroleum & Natural Gas (21.18%), Minerals (9.72%) and Non-food Articles (2.94%) increased in March 2022 as compared to February 2022. Prices of Food Articles (-0.82%) declined in March 2022 as compared to February 2022;

–Fuel & Power (Weight 13.15%):-The index for this major group increased by 5.68% to 146.9 (provisional) in March 2022 from 139.0 (provisional) for the month of February 2022. Prices of Mineral Oils (9.19%) increased in March 2022 as compared to February 2022;

Manufactured Products (Weight 64.23%):-The index for this major group increased by 2.31% to 141.6 (provisional) in March 2022 from 138.4 (provisional) for the month of February 2022. Out of the 22 NIC two-digit groups for manufactured products, 18 groups have witnessed an increase in prices while 3 groups have witnessed a decrease in prices in March 2022 as compared to February 2022. The increase in prices is mainly contributed by basic metals, food products, chemical and chemical products and textiles. Some of the groups that have witnessed a decrease in prices are manufacturers of other transport equipment; pharmaceuticals, medicinal chemical and botanical products; beverages in March 2022 as compared to February 2022. While the manufacture of wearing apparel remain unchanged in March 2022 as compared to February 2022; and

–WPI food index (Weight 24.38%): The Food Index consisting of ‘Food Articles’ from the Primary Articles group and ‘Food Product’ from the Manufactured Products group have increased from 166.4 in February 2022 to 167.3 in March 2022. The rate of inflation based on the WPI Food Index increased from 8.47% in February 2022 to 8.71% in March 2022.