As per the Ministry of Commerce and Industry announcement dated April 18, wholesale price inflation (WPI) increased by 144 basis points (bps) in March. "The annual rate of inflation for the month of March 2022 is 14.55 percent, compared to 7.89 percent in March 2021," said the report.
Due to supply chain interruptions caused by the ongoing Russia-Ukraine war, the Ministry blamed high inflation rates in March on a spike in crude petroleum and natural gas costs, as well as a surge in prices of mineral oils, basic metals, and other items.
The report said, food inflation increased from 8.47 percent in February 2022 to 8.71 percent in March 2022. Cereals, paddy, wheat, pulses, vegetables, potatoes, onions, fruits, milk, eggs, meat, and fish are among the foods on the Commerce Ministry's list. Inflation for oil seeds was 22.49 percent in March, up from 22.88 percent in February and the highest level since November 2021.
According to ministry data, fuel and electricity inflation reached 34.52 percent in March, up from 31.5 percent in February, due to a 9.19 percent increase in mineral fuel costs. Inflation in manufactured goods increased from 9.84 percent in February to 10.71 percent in March. Vegetable and animal oils and fats, beverages, tobacco goods, textiles, clothes, leather, and allied products are among the items covered.
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