New Delhi: India’s annual wholesale price-based inflation accelerated to a record 14.55% in March, 2022 as compared to 7.89% in March, 2021.
The high rate of inflation in March, 2022 is primarily due to rise in prices of crude petroleum and natural gas, mineral oils, basic metals, etc owing to disruption in global supply chain caused by Russia-Ukraine conflict.
The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) released index numbers of wholesale price in India (Base Year: 2011-12) for the month of March, 2022 (Provisional) and for the month of January, 2022 (Final) today. Provisional figures of Wholesale Price Index (WPI) are released on 14th of every month (or next working day) with a time lag of two weeks of the reference month and compiled with data received from institutional sources and selected manufacturing units across the country. After 10 weeks, the index is finalized and final figures are released and then frozen thereafter.
Month over Month Change in Major Groups of WPI:
Primary Articles (Weight 22.62%):-The index for this major group increased by 2.10% to 170.3 (provisional) in March, 2022 from 166.8 (provisional) for the month of February, 2022. Prices of Crude Petroleum & Natural Gas (21.18%), Minerals (9.72%) and Non-food Articles (2.94%) increased in March, 2022 as compared to February, 2022. Prices of Food Articles (-0.82%) declined in March, 2022 as compared to February, 2022.
Fuel & Power (Weight 13.15%):-The index for this major group increased by 5.68% to 146.9 (provisional) in March, 2022 from 139.0 (provisional) for the month of February, 2022. Prices of Mineral Oils (9.19%) increased in March, 2022 as compared to February, 2022.
Manufactured Products (Weight 64.23%):-The index for this major group increased by 2.31% to 141.6 (provisional) in March, 2022 from 138.4 (provisional) for the month of February, 2022. Out of the 22 NIC two-digit groups for manufactured products, 18 groups that have witnessed increase in prices while 3 groups have witnessed decrease in prices in March, 2022 as compared to February, 2022.The increase in prices is mainly contributed by basic metals, food products, chemical & chemical products and textiles .Some of the groups that have witnessed decrease in prices are manufacture of other transport equipment; pharmaceuticals, medicinal chemical & botanical products; beverages in March, 2022 as compared to February, 2022.While the Manufacture of wearing apparel remain unchanged in March, 2022 as compared to February, 2022.
WPI food index (Weight 24.38%): The Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group have increased from 166.4 in February, 2022 to 167.3 in March, 2022. The rate of inflation based on WPI Food Index increased from 8.47% in February, 2022 to 8.71% in March, 2022.
Final index for the month of December 2021 (Base Year: 2011-12=100): For the month of January, 2022 the final Wholesale Price Index and inflation rate for ‘All Commodities’ (Base: 2011-12=100) stood at 143.8 and 13.68% respectively. The details of all India Wholesale Price Indices and Rates of Inflation for different commodity groups for March, 2022 are at Annex I.
The Annual rate of Inflation (Y- o-Y) based on WPI for different commodity groups in the last six months are at Annex II. The WPI Index for different commodity groups in the last six months is at Annex III.
