Wholesale Inflation accelerates to 3.18% in April 2018

Wholesale Inflation accelerates to 3.18% in April 2018

Separate data showed that inflation at the wholesale level accelerated sharply to 3.18% in April, driven by a surge in fuel prices and a rebound in food price inflation. "Given that the latest IIP (index of industrial production) data showed some easing, we believe that the monetary policy committee is likely to maintain status quo in June's meeting and is likely to wait out further prints to assess such statistical effects while making adjustments", Richa Gupta, senior director and senior economist, Deloitte India, said. It said deflation in vegetables was 0.89 per cent in April, while in the previous month it was 2.70 per cent.

The same was true for wheat, which saw a smaller deflation of 0.07 per cent in April as compared to the 1.17 per cent fall in prices in March.

The core inflation remained unchanged at 3.6 per cent in April. The index for apparel increased by 1.1 per cent to 139.3 in April, according to the provisional data released by the Office of the Economic Adviser, ministry of commerce and industry.

The WPI inflation for February was revised upwards to 2.74 per cent from the provisional estimate of 2.48 per cent.

The index for the primary articles group rose by 1.4 per cent to 129.2 from 127.4 for the previous month.

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"Transport and communication inflation has increased to 4.5 percent, 13 months high, petrol and diesel for vehicles is part of this group".

The price of pulses declined the most in April - by 22.46%. The trends have shown that the CPI is on the decline, since January a year ago. The inflation rate for meat and fish inched up to 3.59 per cent as against 3.17 per cent in March, while inflation for vegetables segment was lower at 7.29 per cent in April compared to 11.7 per cent.

Other notable sub-categories such as cereals became dearer by 2.56 per cent and meat and fish recorded a rise of 3.59 per cent.

"The global rise in crude oil prices remains a key risk for the inflation trajectory".

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