India’s wholesale price inflation, as measured by the wholesale price index, increased to 3.88% in March compared to the same period last year. This rise was mainly driven by higher prices of crude oil, natural gas, and manufactured products. In February, the inflation rate stood at 2.13%, indicating a notable increase.
The food inflation based on the wholesale price index remained steady at 1.85% in March compared to the previous year. In the fuel and power category, inflation surged by 4.13% in March from February, attributed to a significant spike in crude oil and gas prices due to the Middle East conflict. However, electricity costs saw a decline of (-) 5.07% during the same period.
Within the manufactured products segment, the wholesale price inflation rose by 0.88% in March compared to the previous month. Among the 22 products in this category, 16 experienced price hikes while six saw a decrease. On the other hand, the country’s consumer price index-based inflation climbed to 3.4% in March compared to the previous year.
The data released by the Ministry of Statistics revealed that silver jewelry prices surged by 148.61% and gold jewelry prices by 45.92% during the month. Notably, food inflation in March reached 3.87%, primarily driven by increased prices of vegetables like tomatoes and cauliflower. However, onion, potato, and garlic prices saw a double-digit decline, while pulses became more affordable.
In comparison to the previous months, March’s inflation rate was slightly higher at 3.21% in February and a revised figure of 2.74% in January when the new series was introduced.
