India's wholesale inflation eased marginally hitting nine-month low of 2.47 percent growth in March, as prices of vegetables and other food items softened, latest price data released by the commerce and industry ministry showed.
Build up inflation rate in the financial year so far was 2.47 percent compared to a build up rate of 5.11 percent in the corresponding period of the previous year. However, rising crude oil prices pushed up inflation in the "fuel and power" basket to 4.70 per cent in March from 3.81 per cent in the previous month. Manufactured products inflation came at 3.03% in March.
Wholesale prices climbed 2.47 percent year-over-year in March, nearly in line with February's 2.48 percent increase.
Furthermore, index for "Non-Food Articles" group declined by 0.3 percent to 120.2 (provisional) from 120.6 (provisional) for the previous month due to lower price of guar seed (7%), niger seed (6%), floriculture (5%), raw cotton, cotton seed, skins (raw) and gingelly seed (3% each), copra (coconut) (2%) and linseed, castor seed, raw jute, groundnut seed and rape & mustard seed (1% each). Meanwhile, the index for "Minerals" group declined by 2% to 119.7 from 122.2 for the previous month due to lower price of copper concentrate and phosphorite. The reduction in pulse prices was pegged at 20.58%, in vegetables at 2.70%, wheat at 1.19 % and egg, meat and fish at 0.82% in March.
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However, the price of raw silk, mesta and hides, sunflower, soyabean, fodder, raw wool, coir fibre and raw rubber moved up.
However, the price of iron ore, chromite, manganese ore, limestone, zinc concentrate and lead concentrate moved up.
Wholesale inflation rate, measured by Wholesale Price Index (WPI), is a marker for price movements in bulk buys for traders and broadly mirrors trends in shop-end prices. This index holds 64.23% of WPI.
Food and beverage prices were 0.9 per cent up, on an annual basis, while the price of utilities and housing has increased by 4.6 per cent and transportation costs were 0.7 per cent higher compared to a year earlier.