New Delhi: The annual rate of inflation is 14.55 per cent (Provisional) for the month of March, 2022 (over March, 2021) as compared to 7.89 per cent in March, 2021, said a statement from Commerce Ministry on Monday. The high rate of inflation in March, 2022 is primarily due to rise in prices of crude petroleum and natural gas, mineral oils, basic metals, etc owing to disruption in global supply chain caused by Russia-Ukraine conflict, the Ministry reasoned.
Primary Articles
The index for this major group increased by 2.10 per cent to 170.3 (provisional) in March, 2022 from 166.8 (provisional) for the month of February, 2022. Prices of Crude Petroleum and Natural Gas (21.18 per cent Minerals (9.72 per cent) and Non-food Articles (2.94 per cent) increased in March, 2022 as compared to February, 2022. Prices of Food Articles (-0.82 per cent) declined in March, 2022 as compared to February, 2022.
Fuel and Power
The index for this major group increased by 5.68 per cent to 146.9 (provisional) in March, 2022 from 139.0 (provisional) for the month of February, 2022. Prices of Mineral Oils (9.19 per cent) increased in March, 2022 as compared to February, 2022.
Manufactured Products
The index for this major group increased by 2.31 per cent to 141.6 (provisional) in March, 2022 from 138.4 (provisional) for the month of February, 2022. Out of the 22 NIC two-digit groups for manufactured products, 18 groups that have witnessed increase in prices while 3 groups have witnessed decrease in prices in March, 2022 as compared to February, 2022. The increase in prices is mainly contributed by basic metals, food products, chemical and chemical products and textiles.
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Some of the groups that have witnessed decrease in prices are manufacture of other transport equipment; pharmaceuticals, medicinal chemical & botanical products; beverages in March, 2022 as compared to February, 2022. While the Manufacture of wearing apparel remain unchanged in March, 2022 as compared to February, 2022.
WPI food index
The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have increased from 166.4 in February, 2022 to 167.3 in March, 2022. The rate of inflation based on WPI Food Index increased from 8.47 per cent in February, 2022 to 8.71 per cent in March, 2022.
Final index for the month of December 2021 (Base Year: 2011-12=100): For the month of January, 2022 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 143.8 and 13.68 per cent respectively.
Response Rate
The WPI for March, 2022 have been compiled at a weighted response rate 84.4 per cent, while the final figure for January, 2022 is based on the weighted response rate of 92.0 per cent. The Provisional figures of WPI will undergo revision as per the final revision policy of WPI. The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) released index numbers of wholesale price in India (Base Year: 2011-12) for the month of March, 2022 (Provisional) and for the month of January, 2022 (Final).
Provisional figures of Wholesale Price Index (WPI) are released on 14th of every month (or next working day) with a time lag of two weeks of the reference month and compiled with data received from institutional sources and selected manufacturing units across the country. After 10 weeks, the index is finalized and final figures are released and then frozen thereafter.
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