Analysts forecast the April WPI to stand at around 15.5%. WPI was 10.74% in April 2021. With the latest reading, WPI inflation has been in the double-digit range for 13 consecutive months.
“The high inflation rate in April 2022 was mainly due to increase in prices of mineral oil, basic metals, crude petroleum and natural gas, food items, non-food items, food products and chemical and chemical products. The month is similar to the previous year, ”it said in a press release.
Food inflation stood at 7.35 per cent in April, up from 6.06 per cent in March. Fuel and electricity basket inflation rose to 38.66% from 34.52% in the previous month. Inflation in manufactured goods rose slightly to 10.85% from 10.71% in March.
According to the S&P Manufacturing PMI survey, firms indicated a further rise in input costs in April 2022, with chemical, electronic components, energy, metals, plastics and textile costs higher than the previous month. The aforementioned increases were partly due to rising transport fees and the Russia-Ukraine conflict.
The retail inflation reading in April, that is, the headline CPI, reached 7.8%, the highest since May 2014.