New Delhi, May 14
The wholesale price inflation accelerated sharply to 8.30% in April, driven by soaring fuel and energy costs amid rising global crude oil prices linked to tensions in West Asia.Data released by the commerce and industry ministry showed the Wholesale Price Index (WPI)-based inflation rose from 3.88% in March, with fuel and power prices recording the steepest increase.
Inflation in the fuel and power category climbed to 24.71% in April, compared with 1.05% earlier. Crude petroleum and natural gas prices surged by 88.06%, up from 51.5% in March. The increase follows disruptions linked to the West Asia crisis and the effective blockade of the Strait of Hormuz, a key global shipping route through which most of India’s crude oil imports pass.
Food inflation remained relatively stable at 1.98% in April, slightly higher than 1.90% in March. Inflation in non-food articles also increased to 12.18%. The ministry said the rise in inflation was mainly due to higher prices of mineral oils, crude petroleum and natural gas, basic metals and manufactured goods.
Among fuel products, LPG inflation rose to 10.92% in April from negative growth in March, while petrol inflation jumped to 32.40%. High-speed diesel inflation also accelerated sharply to 25.19%. Despite a steep rise in global oil prices, the government has so far kept retail prices of petrol, diesel and household LPG unchanged in an effort to protect consumers. However, prices of commercial LPG cylinders have been increased.
