India's Wholesale Inflation Rate Rises To 3.18% In April

The 10-year bond yield stood at 7.825% up from its previous close of 7.727

An exponential rise in food and fuel prices lifted India's wholesale inflation rate to 3.18 per cent in April from a rise of 2.47 per cent in the previous month, official data showed here on Monday.

PHD Chamber of Commerce President Anil Khaitan termed the rise in inflation worrisome and hoped that prices do not increase further in the coming months.

WPI inflation was at 2.47% in the previous month and 3.85% during the corresponding month of the previous year.

The index for this major group rose by 0.9% to 98.9 (provisional) from 98.0 (provisional) for the previous month. Core inflation (manufactured products excluding foods products) was flat at 3.6% in April 2018.

Similarly, the inflation in the fruit basket was higher at 9.65% compared to 5.78% in the previous month.

On Saturday, the government issued a press release that the base year for calculating the wholesale price index had been changed from 2004-'05 to 2011-'12.

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Inflation of food items (food articles and food products) increased to 0.7% in April 2018 from (-) 0.1% in March 2018 level.

However, inflation in vegetables segment was lower at 7.29 percent in April compared to 11.7 percent.

The contribution of primary articles to the overall inflation of 3.2% increased to 36 basis points (bps) in April 2018, up from contribution of 06 bps to 2.5% in March 2018.

A global rally in crude prices pushed up domestic fuel prices, with petrol at Rs 74.80 per litre and diesel at a record high of Rs 66.14 a litre.

RBI mainly takes into account retail inflation data, which is slated to be released later in the day, while formulating monetary policy. Going forward, increasing crude oil prices and their cascading impact would be one of the key worry areas for the Indian economy, chamber Secretary General D S Rawat said.

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