India’s April wholesale price inflation up at 0.34 percent

New Delhi, May 16 (IANS) India’s annual wholesale price inflation (WPI) moved up into the positive zone at 0.34 percent for April, from (-)0.85 percent in March and (-)2.43 percent during the corresponding month of the previous year, official data showed on Monday.

The WPI moved up after staying in negative zone for 17 straight months, mainly on the back of a rise in global commodity prices.

The wholesale index of primary articles rose 2.34 percent, the manufactured product index rose 0.71 percent, while fuels fell by 4.83 percent.

Food inflation jumped to 4.23 percent as compared to 3.73 percent in March, due to higher prices of tea, pulses, poultry and fruits and vegetables. Mineral prices were down by 27.2 percent.

India’s consumer price index (CPI), or retail, inflation climbed to 5.39 percent in April from 4.83 percent in March.

This, coupled with a delay in monsoon, reduces chances of the Reserve Bank of India cutting interest rates, at least in its forthcoming monetary policy review due early next month.



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