WPI inflation hits record high of 15.08% in April, up from 14.55% last month

New Delhi: Wholesale price-based inflation hit a record high of 15.08% in April due to rising prices in all segments, from food to raw materials.

Inflation based on the WPI was 14.55% in March and 10.74% in April last year.

“The high inflation rate in April 2022 was mainly due to higher prices for mineral oils, base metals, crude oil and natural gas, food items, non-food items, food items and chemical and chemical, etc. compared to the corresponding month of the previous year,” the Ministry of Trade and Industry said in a statement.

WPI inflation remained in double digits for the 13th straight month since April last year.

Food inflation was 8.35% as prices for vegetables, wheat, fruits and potatoes surged in the year-ago period.

In the basket of fuels and electricity, inflation was 38.66%, while in manufactured goods and oilseeds it was 10.85% and 16.10%, respectively.

Inflation for crude oil and natural gas was 69.07% in April.

Data released last week showed retail price inflation hit a nearly 8-year high of 7.79% in April, remaining above the Reserve Bank’s inflation target for the fourth consecutive month.

To tame stubbornly high inflation, the RBI earlier this month raised its key interest rate by 0.40% and its cash reserve ratio by 0.50% in a surprise move. -PTI JD ANU

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