New Delhi, May 14 (IANS): India’s wholesale price index (WPI) based inflation surged to 8.3 per cent in April compared to the same month of the previous year, significantly higher than the 3.88 per cent recorded in March, primarily driven by a sharp rise in fuel and crude oil prices amid the ongoing Middle East conflict, according to a statement issued by the Ministry of Commerce and Industry on Thursday. The month-on-month WPI inflation in the fuel and power group rose by 18.22 per cent in April compared to March, with crude oil and natural gas prices surging by 29.37 per cent due to the Middle East conflict, partially offset by a decline of 2.53 per cent in electricity prices. The Food Index, comprising foodgrains such as cereals and pulses as well as manufactured food products, increased by 2.31 per cent in April compared to March, while WPI food inflation remained constant at 1.85 per cent. WPI inflation in manufactured products, which carry a weight of 64.23 per cent in the overall index, rose by 1.4 per cent in April compared to the previous month, with 21 of the 22 products in the group recording price increases.
India’s retail inflation based on the new Consumer Price Index (CPI) series was recorded at 3.48 per cent in April compared to the same month of the previous year, remaining broadly steady from the 3.4 per cent recorded in March, with CPI inflation for electricity, gas, and other fuels staying subdued at 1.71 per cent despite soaring global oil prices as the government chose not to pass on the hike to consumers. The commodities posting the highest inflation during the month were silver jewellery at 144.34 per cent and gold jewellery at 40.72 per cent. Overall food inflation in April stood at 4.2 per cent, with potato prices plummeting by 23.69 per cent and onion prices declining by 17.67 per cent, while chickpea and peas also turned cheaper during the month. However, tomato prices bucked the trend, shooting up by 35.28 per cent during April.