Economy

March WPI inflation hits eight-month low to 2.47%

March WPI inflation hits eight-month low to 2.47%

You've probably noticed that your wallet has been a lot happier of late.

Despite keeping rates on hold, the committee said that "ongoing tightening of monetary policy" would be needed to bring inflation back to the Bank's 2 per cent target.

WPI inflation eases to 2.47% in March as food articles turn cheaper. Deflation in pulses was 20.58 per cent, in vegetables (2.70 per cent), wheat (1.19 per cent) and egg, meat and fish (0.82 per cent) in March.

The Japanese government bonds remained flat Monday as investors wait to watch the country's trade balance data for the month of March and the national consumer price inflation (CPI) data for the similar period, scheduled to be released on April 17 and April 19 by 23:50GMT and 23:30GMT respectively. The data for February had, in fact, shown a marginal softening in this basket.

The Wholesale Price Index (WPI)-based inflation came in at 2.47 per cent for March 2018, below market expectations.

The index for primary articles rose only 0.24 percent annually in March, while prices of food articles dropped by 0.29 percent. However, the price of raw silk, mesta and hides, sunflower, soyabean, fodder, raw wool, coir fibre and raw rubber all moved up.

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Index for "Crude Petroleum & Natural Gas" group declined by 0.5 percent to 80.2 (provisional) from 80.6 (provisional) for the previous month due to lower price of crude petroleum (1%). The price of petroleum coke (11 per cent) and kerosene (2 per cent) moved up.

On a year-on-year (YoY) basis, onion prices soared higher by 42.22 per cent whereas potato prices rose by 43.25 per cent.

The index for "Minerals" group declined by 2% to 119.7 (provisional) from 122.2 (provisional) for the previous month due to lower price of copper concentrate (14%) and phosphorite (1%). However, the March 2018 inflation is higher than 3.89 per cent recorded in the same month previous year.

Retail inflation, as per data released last week, slipped to a five-month low of 4.28 percent in March on account of a decline in food prices.

To remind you, in its first monetary policy review for the fiscal, the Reserve Bank earlier this month maintained status-quo on interest rate citing inflationary concerns.


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