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February WPI inflation rises to 13.11%; in double digits for eleventh month
The wholesale price-based inflation in February rose to 13.11 per cent on hardening of costs of crude oil and non-food objects, though meals articles softened. As per the federal government information launched on Monday, WPI inflation has remained in double digits for the eleventh consecutive month starting April 2021. Inflation final month was 12.96 per cent, whereas in February final 12 months, it was 4.83 per cent.
Inflation in meals articles, nevertheless, eased to eight.19 per cent in February from 10.33 per cent. Vegetable inflation was 26.93 per cent in February, towards 38.45 per cent within the earlier month.
“The excessive price of inflation in February 2022, is primarily as a result of rise in costs of mineral oils, fundamental metals, chemical substances and chemical merchandise, crude petroleum & pure gasoline, meals articles and non-food articles and so forth as in comparison with the corresponding month of the earlier 12 months,” the Commerce and Business Ministry mentioned in an announcement.
Inflation in manufactured objects was 9.84 per cent in February, towards 9.42 per cent in January.
Within the gas and energy basket, the speed of worth rise was 31.50 per cent throughout the month. Inflation in crude petroleum spiked to 55.17 per cent throughout February, towards 39.41 per cent within the earlier month, on rising costs of crude oil globally.
The Reserve Financial institution final month saved its key repo price — at which it lends short-term cash to banks — unchanged for the tenth time in a row at 4 per cent, to help development in addition to handle inflationary pressures.
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