Analysts had forecast WPI for April to stand at around 15.5%. WPI in April 2021 was at 10.74%. With the latest reading, WPI inflation has been in double-digit territory for the 13 straight month.
“The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year,” it said in a press release.
Food articles inflation in the month of April stood at 8.35%, up from 8.06% in March. Fuel & power basket inflation rose to 38.66% from 34.52% the month before. Manufactured products inflation rose marginally to 10.85% from 10.71% in March.
As per data by the S&P manufacturing PMI survey, firms have signaled a further upturn in input costs in April 2022, with chemical, electronic component, energy, metal, plastic and textile costs reportedly higher than in the previous month. The said increases were partly attributed to rising transportation fees and the Russia-Ukraine conflict.
The retail inflation reading in April, i.e, the headline CPI, has touched its highest level since May 2014 at 7.8%.
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