New Delhi, May 14 (SocialNews.XYZ) The country’s inflation rate based on the Wholesale Price Index (WPI) edged up to 1.26 per cent in April, compared to the same month last year, data released by the Commerce and Industry Ministry on Tuesday showed.
Prices of crude petroleum and natural gas (3.56 per cent) and food articles (2.67 per cent) rose in April 2024 compared to March 2024. However, prices of non-food articles (-1.19 per cent) and minerals (-1.55 per cent) declined during the same period.
The WPI Food Index, with a weightage of 24.38 per cent, showed an upward trend with the rate of inflation increasing from 4.65 per cent in March to 5.52 per cent in April.
Fuel and Power, constituting 13.15 per cent of the index, experienced a slight decline. The index for this segment dropped by 0.26 per cent. While prices of mineral oils (0.06 per cent) increased, those of electricity (-1.20 per cent) witnessed a dip in April 2024 compared to March 2024.
Inflation in manufactured products, with a substantial weightage of 64.23 per cent in the index, rose by 0.50 per cent to 140.8 in April from 140.1 in March.
Data released on Monday showed that India’s consumer price inflation eased to an 11-month low of 4.83 per cent in April, bringing more relief to household budgets.
“Among the top five groups, the year-on-year inflation on groups ‘Clothing & Footwear’, ‘Housing’ and ‘Fuel & light’ has decreased since last month,” the official data showed.
The retail Inflation has now fallen closer to the RBI’s mid-term target of 4 per cent after which the Central bank would be in a position to cut key interest rates to make loans available at lower rates of interest to corporates and consumers in order to spur demand and accelerate economic growth.
The country’s CPI inflation has been showing a declining trend in recent months as it fell to 4.85 per cent in March from 5.09 per cent in February.
Source: IANS
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