New Delhi, May 14 (IANS) India’s inflation rate based on the wholesale price index (WPI) rose to 8.3 per cent during April, compared to the same month of the previous year, primarily due to an increase in prices of fuels and crude oil amid the Middle East conflict, according to a statement issued by the Ministry of Commerce and Industry on Thursday.

The WPI inflation for April was higher than the corresponding figure of 3.88 per cent recorded for March this year

WPI food inflation remained constant at 1.85 per cent in March this year compared to the same month of the previous year.

The month-on-month WPI inflation in the fuel and power group went up by 18.22 per cent in April, compared to March, as the price of crude oil and natural gas surged by 29.37 per cent due to the Middle East conflict. This was offset to some extent by a decline of 2.53 per cent in the price of electricity, the figures showed.

The Food Index consisting of foodgrains such as cereals and pulses as well as manufactured food products increased by 2.31 per cent in April compared to March.

The WPI inflation in manufactured products, which have a weight of 64.23 per cent in the overall index, increased by 1.4 per cent in April compared to the previous month, with 21 of the 22 products in the group recording an increase in price while one posted a decline.

Meanwhile, India’s retail inflation rate, based on the new Consumer Price Index (CPI) series, was recorded at 3.48 per cent in April compared to the same month of the previous year, according to data released by the Ministry of Statistics earlier this week.

The CPI inflation rate for electricity, gas and other fuels remained subdued at 1.71 per cent in April despite the soaring oil prices in global markets due to the Middle East crisis as the government did not pass on the hike to consumers.

The commodities that posted the highest inflation during the month were silver jewellery, which saw a 144.34 per cent jump in prices, and gold jewellery which clocked a 40.72 per cent increase in prices.

Overall food inflation in April stood at 4.2 per cent as the prices of potato plummeted by as much as (-) 23.69 per cent during the month while onions turned cheaper by (-) 17.67 per cent. The prices of chickpea and peas also declined during the month. However, tomato prices shot up by 35.28 per cent, the figures showed.

Sequentially, the CPI inflation rate stays steady in April as it was recorded at 3.4 per cent in the previous month of March.

–IANS

sps/na