The annual rate of inflation based on monthly wholesale price index (WPI) was 7.39 per cent in March as compared to 4.17 per cent in the previous month, data released by the government on Thursday showed.
However, month-on-month (March 2021 over February 2021) rate of inflation stood at 1.57 per cent, according to an official statement released by the Ministry of Commerce and Industry.
"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 WPI index for the month of March 2020 (120.4) was computed with relatively low response rate."
The index for primary articles with a weightage of 22.62 per cent increased by 0.55 per cent to 146.2 in March from 145.4 in February. Prices of crude petroleum and natural gas (8.64 per cent), non-food articles (1.9 per cent) and minerals (0.35 per cent) increased.
Prices of food articles (minus 0.45 per cent) declined in March 2021 as compared to February 2021. The index for manufactured products with a weightage of 64.23 per cent increased by 1.27 per cent to 127.3 in March from 124.9 in February.
Out of the 22 NIC two-digit groups for manufactured products, 16 groups that have witnessed increase in prices are manufacture of furniture; motor vehicles, trailers and semi-trailers; machinery and equipment; electrical equipment; computer, electronic and optical products; fabricated metal products, except machinery and equipment; basic metals; other non-metallic mineral products; rubber and plastics products; pharmaceuticals, medicinal chemical and botanical products; chemicals and chemical products; paper and paper products; wood and of products of wood and cork; wearing apparel; textiles; and food products.
Five groups that witnessed decrease in prices are manufacture of other manufacturing; other transport equipment; printing and reproduction of recorded media; leather and related products; and tobacco products. The manufacture of beverages remain unchanged.
The WPI food index consisting of food articles from primary articles group and food products from manufactured products group increased from 153 in February 2021 to 153.4 in March 2021. The rate of inflation based on WPI Food Index increased from 3.31 per cent to 5.28 per cent. (ANI)