The Ministry of Commerce and Industry has issued data, according to which India’s annual wholesale price-based inflation (WPI) has been accelerated to 13.11 per cent in February from the previous month’s 12.96 per cent. It has remained in double digits for the 11th consecutive month beginning April 2021, while in February last year, it was 4.83 per cent.
Inflation in manufactured items was 9.84 per cent in February, against 9.42 per cent in January. The rate of price rise of fuel and power was 31.50 per cent during the month. Inflation in crude petroleum spiked to 55.17 per cent during February, against 39.41 per cent in the previous month, on rising prices of crude oil globally. Whereas, inflation in food articles eased to 8.19 per cent in February from 10.33 per cent. Vegetable inflation was 26.93 per cent in February, against 38.45 per cent in the previous month.
As per the statement, “The high rate of inflation in February 2022, is primarily due to rise in prices of mineral oils, basic metals, chemicals and chemical products, crude petroleum & natural gas, food articles and non-food articles etc. as compared to the corresponding month of the previous year.”
However, the RBI had kept repo rate unchanged last month at 4 per cent, to support growth as well as manage inflationary pressures.