Friday, 17 August, 2018

April retail inflation quickens to 4.58%

April retail inflation quickens to 4.58% April retail inflation quickens to 4.58%
Russell Knight | 15 May, 2018, 13:49

Wholesale price inflation (WPI) in India stood at 3.18% for the month of April, 2018.

The WPI-based inflation was 2.47 per cent in March and 3.85 per cent in April previous year. Last month, the RBI in its first monetary policy review for this fiscal had maintained status quo on policy rate citing inflationary concerns.

Inflation in the housing segment quickened to 8.5% in April from 8.31% in the previous month, while the clothing and footwear segment saw inflation accelerating to 5.11% from 4.91.

Primary articles inflation was came at 1.41% in April as compared to 0.24% in the previous month.

According to a government data released on Monday, food articles rose by 1.9 per cent to 139.8 from 137.2 for the previous month.

"Break down of the WPI data for April, 2018 shows annualised inflation of close to 10 per cent for petrol and over 13 per cent for high speed diesel".

India's inflation accelerated more than estimated in April, providing ammunition to hawks in the central bank to tighten monetary policy and fueling a selloff in bonds.

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The CPI index had been declining since January this year.

Deflation in vegetables weakened to 0.89 per cent as compared to 2.70 per cent in March. In March, deflationary pressures on food articles meant that pulses and vegetables turned cheaper while falling prices of at least some commodities such as tomatoes, reflected farmers' woes. Petrol prices increased by 9.45% over April previous year, while liquefied petroleum gas became cheaper by 11.73%. The Consumer Food Price Index, however, was a tad lower to 2.8 per cent in April from 2.81 percent of March.

Inflation in fruits was in double digits at 19.47 per cent in April, up from 9.26 per cent in the previous month.

The WPI inflation for February was revised upwards to 2.74 percent from the provisional estimate of 2.48 percent.

ICRA's principal economist Aditi Nayar said WPI inflation is expected to continue to rise over the remainder of this quarter.

India's annual wholesale price inflation picked up in October to a six.

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