Saturday, June 3, 2023
HomeBusinessWPI Inflation Rises to 13.11 Per Cent in February; Crude Prices Spike

WPI Inflation Rises to 13.11 Per Cent in February; Crude Prices Spike

The wholesale price-based inflation in February rose to 13.11 per cent on hardening of prices of crude oil and non-food items, even though food articles softened. As per the government data released on Monday, WPI inflation has remained in double digits for the 11th consecutive month beginning April 2021. Inflation last month was 12.96 per cent, while in February last year, it was 4.83 per cent.

Inflation in food articles, however, eased to 8.19 per cent in February from 10.33 per cent. Vegetable inflation was 26.93 per cent in February, against 38.45 per cent in the previous month. “The high rate of inflation in February 2022, is primarily due to rise in prices of mineral oils, basic metals, chemicals and chemical products, crude petroleum & natural gas, food articles and non-food articles etc as compared to the corresponding month of the previous year,” the Commerce and Industry Ministry said in a statement.

Inflation in manufactured items was 9.84 per cent in February, against 9.42 per cent in January. In the fuel and power basket, the rate of price rise was 31.50 per cent during the month.

Inflation in crude petroleum spiked to 55.17 per cent during February, against 39.41 per cent in the previous month, on rising prices of crude oil globally. The Reserve Bank last month kept its key repo rate — at which it lends short-term money to banks — unchanged for the 10th time in a row at 4 per cent, to support growth as well as manage inflationary pressures.

Read all minute-by-minute news updates for Uttar Pradesh election results 2022, Punjab election results 2022, Uttarakhand election results 2022, Manipur election results 2022, and Goa election results 2022.

Click here for seat-wise LIVE result updates.




Please enter your comment!
Please enter your name here

Most Popular

Recent Comments