India's Wholesale Inflation Rate Rises To 3.18% In April

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The Wholesale Price Index (WPI) inflation for the month of April 2018 rose to 3.18% compared to 2.47% in March 2018 and 2.48% in February 2018.

In its first monetary policy review for the fiscal last month, RBI maintained status quo on interest rate citing inflationary concerns.

Deflation in vegetables was 0.89 per cent in April, while in the previous month it was 2.70 per cent.

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Consumer Price Index (Combined)-linked inflation rate, after moderating for three months, inched higher to 4.58 per cent in April with a rise in prices across the categories of clothing and footwear, housing and pan, tobacco and intoxicants, government data released on Monday showed.

The index for Mineral Oils group rose by 1.6% to 89.9 (provisional) from 88.5 (provisional) for the previous month due to higher price of naphtha and petroleum coke (4% each), furnace oil (3%) and HSD, kerosene and petrol (2% each).

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. RBI mainly takes into account retail inflation data while formulating monetary policy. The annual Consumer Price Index (CPI) in rural areas in April ruled higher at 4.67 per cent, while in urban India, the CPI rose by 4.42 per cent.

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As the payment for oil increases, India's current account deficits are prone to widen making the economy more vulnerable to rising USA interest rates.

In a further sign that pipeline pressures were building, wholesale prices also rose more than expected in April and there's little respite in store. It increased by 3.11 per cent, from 3.03 per cent in March.

The index for Minerals group rose by 1.6% to 121.6 (provisional) from 119.7 (provisional) for the previous month due to higher price of manganese ore (4%), copper concentrate and limestone (3% each) and zinc concentrate and lead concentrate (1% each).

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Deflation in vegetables was 0.89 per cent in April, while in the previous month it was 2.70 per cent. Core CPI inflation remained high at 5.9 per cent in April as against 5.3 per cent in March.

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