WPI inflation has remained in double digits  for the eleventh month in a row Since April 2021. In January 2022, inflation was 12.96 percent, while it was 13.56 percent in December 2021.

"The high rate of inflation in February 2022 is primarily due to increases in the prices of mineral oils, basic metals, chemicals and chemical products, crude petroleum and natural gas, food and non-food articles, and other items as compared to the same month last year," the governments said in a statement.

Meanwhile, inflation in the food products basket was 8.19 percent in February, somewhat lower than the 10.33 percent seen the month before. Vegetable price inflation has slowed to 26.93 percent, down from 38.45 percent in January and 31.56 percent in December.

Onion wholesale prices plummeted 26.37 percent, while potato wholesale prices jumped 14.78 percent after falling 14.45 percent the previous month. Eggs, meat, and fish prices increased by 8.14 percent, while wheat prices increased by 11.03 percent.

The Reserve Bank of India (RBI) retained its benchmark repo rate, which it provides short-term money to banks, at 4% for the tenth time in a row at its February monetary policy meeting to promote growth while also managing inflationary pressures.

Mid-noon Market Updates: Sensex rises 610 pts, IT stocks gain

A surge in commodity prices could push CAD to 2.8pc GDP in Q3

‘India needs to recalibrate inflation amid Ukraine war’: Raghuram Rajan