Ministry of commerce and industries has informed that the annual rate of inflation stood at 7.39 percent (provisional) for the month of March, 2021 over March, 2020. While, month-on-month (March 2021 over February 2021) rate of inflation stood at 1.57 percent.
It further stated that the prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year. Also, due to nationwide lockdown, the wholesale price index (WPI) index for the month of March 2020 (120.4) was computed with relatively low response rate.
Commodities with their respective provisional and final rate are as follows:
|All Commodities/Major Groups||Weight (%)||Jan-21 (F)||Feb-21 (P)||Mar-21 (P)|
|I PRIMARY ARTICLES||22.6||144.9||-1.56||145||1.82||146||6.4|
|II FUEL & POWER||13.2||100.7||-3.82||104||0.58||110||10.25|
|III MANUFACTURED PRODUCTS||64.2||125.3||5.47||126||5.81||127||7.34|
However, the RBI in its monetary policy earlier this month kept policy rates unchanged and said it will maintain an accommodative monetary policy stance to support growth and keep inflation at the targeted level.
It projected retail inflation at 5.2 per cent in the June quarter.