Wholesale inflation hits 4-month high at 3.18% in April

Wholesale inflation hits 4-month high at 3.18% in April

The rate of inflation based on WPI Food Index consisting of Food Articles from Primary Articles group and Food Product from Manufactured Products group increased from (-) 0.07% in March 2018 to 0.67% in April 2018.

April was the sixth straight month in which inflation was higher than the Reserve Bank of India's medium-term target of 4 percent. It said, Inflation in fruits was in double digits at 19.47 per cent in April, up from 9.26 per cent in the previous month.

Also, the index for "Manufacture of Leather and Related Products" group rose by 1.2 percent to 122.0 (provisional) from 120.5 (provisional) for the previous month due to higher price of belt and other articles of leather (3 percent), vegetable tanned leather, chrome tanned leather and athletic/sport shoes (2 percent each) and leather shoe, harness, saddles and other related items, gloves of leather, canvas shoes and travel goods (1 percent each).

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The Wholesale Price Index (WPI)-based inflation, base year 2011-12, rebounded to four-month high of 3.2% in April 2018, while snapping consistent moderation for last four straight months.

The official Wholesale Price Index for "All Commodities" (Base: 2011-12=100) for the month of April, 2018 rose by 0.7 percent to 116.8 (provisional) from 116.0 (provisional) for the previous month.

Nigeria's headline inflation is projected to drop below 13% in April, the 15th consecutive monthly decline and the lowest point since March 2016, analysts have predicted.

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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. 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.

RBI mainly takes into account retail inflation data, which is slated to be released later in the day, while formulating monetary policy.

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