Economic news

India’s March wholesale inflation eases to 30-month low on easing input prices

2023.04.17 03:33


© Reuters. A labourer carries a sack of onions at a wholesale market in Kolkata, India, December 14, 2021. REUTERS/Rupak De Chowdhuri

NEW DELHI (Reuters) -India’s annual wholesale-price based inflation (WPI) eased to the lowest in nearly 30 months, as input prices continued to moderate, government data showed on Monday.

WPI in March was 1.34% year-on-year, lower than 3.85% in the previous month and a Reuters poll of 1.87%.

In March, the food index rose 2.32% year-on-year compared with 2.76% in February, while fuel and power rose 8.96%, slowing from the 14.82% rate.

WPI on manufactured products fell 0.28%, compared with a fall of 0.14% in the previous month.

“Input costs have fallen across the world. High base effect is also showing its impact,” said Emkay Global’s economist Madhavi Arora.

Inflation pressures in the South Asian country have begun to show signs of easing in the last few months.

Last week government data showed India’s annual retail inflation for March rose at the slowest pace in nearly 15 months and was below the central bank’s upper tolerance level for the first time this year.

Earlier this month, Reserve Bank of India surprised markets by holding its key repo rate steady after six consecutive hikes, saying the tightening over the past 12 months would start to weigh on the future inflation trajectory.

Forecast of normal monsoon rains in 2023 has helped ease some concern of another bout of price increases in Asia’s third largest economy.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 83,201.29 0.23%
ethereum
Ethereum (ETH) $ 1,907.54 0.93%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.34 0.95%
bnb
BNB (BNB) $ 627.81 4.12%
solana
Solana (SOL) $ 127.62 1.67%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.719261 1.24%
dogecoin
Dogecoin (DOGE) $ 0.171412 1.42%
tron
TRON (TRX) $ 0.21549 0.23%
staked-ether
Lido Staked Ether (STETH) $ 1,905.03 0.91%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,986.23 0.22%
pi-network
Pi Network (PI) $ 1.35 7.77%
leo-token
LEO Token (LEO) $ 9.82 0.73%
chainlink
Chainlink (LINK) $ 13.69 0.66%
the-open-network
Toncoin (TON) $ 3.42 0.96%
stellar
Stellar (XLM) $ 0.27201 2.49%
usds
USDS (USDS) $ 0.999981 0.00%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,286.64 1.18%
hedera-hashgraph
Hedera (HBAR) $ 0.191408 1.96%
avalanche-2
Avalanche (AVAX) $ 18.47 0.81%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 1.17%
sui
Sui (SUI) $ 2.27 0.90%
litecoin
Litecoin (LTC) $ 92.83 3.73%
mantra-dao
MANTRA (OM) $ 6.84 3.79%
bitcoin-cash
Bitcoin Cash (BCH) $ 336.92 2.84%
polkadot
Polkadot (DOT) $ 4.35 2.30%
ethena-usde
Ethena USDe (USDE) $ 0.999455 0.05%
bitget-token
Bitget Token (BGB) $ 4.42 0.89%
weth
WETH (WETH) $ 1,907.32 0.95%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.24%
hyperliquid
Hyperliquid (HYPE) $ 13.74 2.08%
whitebit
WhiteBIT Coin (WBT) $ 28.47 0.58%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,027.63 0.98%
monero
Monero (XMR) $ 211.02 0.60%
uniswap
Uniswap (UNI) $ 6.20 2.39%
susds
sUSDS (SUSDS) $ 1.04 0.09%
aptos
Aptos (APT) $ 5.37 2.83%
dai
Dai (DAI) $ 0.999808 0.02%
near
NEAR Protocol (NEAR) $ 2.54 0.18%
pepe
Pepe (PEPE) $ 0.000007 4.50%
okb
OKB (OKB) $ 48.68 6.20%
mantle
Mantle (MNT) $ 0.835131 3.21%
internet-computer
Internet Computer (ICP) $ 5.75 1.91%
ondo-finance
Ondo (ONDO) $ 0.850589 2.27%
gatechain-token
Gate (GT) $ 21.72 2.72%
ethereum-classic
Ethereum Classic (ETC) $ 17.82 2.65%
aave
Aave (AAVE) $ 170.16 2.60%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,161.28 0.26%
crypto-com-chain
Cronos (CRO) $ 0.088058 6.87%