Inflation rate in India soars: Top factors behind spike
India Today
The recent spike in inflation has been due to rising prices of crude oil and other commodities due to disruption in the global supply chain in the wake of the Russia-Ukraine war.
India has been witnessing a rise in the inflation rate. The wholesale price-based inflation spiked to a four-month high of 14.55 per cent in March. Retail inflation soared to a 17-month high of 6.95 per cent for the same period, according to official data.
Wholesale inflation, which is tracked by the Wholesale Price Index (WPI), measures inflation at the level of producers. Retail inflation tracked by the Consumer Price Index (CPI) measures the changes in prices from a retail buyer's perspective.
In February this year, WPI Inflation was at 13.11 per cent, while in March last year, it was 7.89 per cent.
WPI inflation has remained in double digits for the 12th consecutive month since April 2021. In November 2021, it had touched a high of 14.87 per cent.
The retail inflation rate in India, which has been on the rise since September last year, touched 6.07 per cent in February this year, according to the data released by the National Statistical Office (NSO). In January this year, the retail inflation was at 6.01 per cent.
March was the third consecutive month that the inflation remained above the 6 per cent mark. The previous high at 7.61 per cent was recorded in October 2020.
The recent spike in inflation was due to rising prices of crude oil and other commodities due to disruption in the global supply chain in the wake of the Russia-Ukraine war.
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