The factory gate inflation was 14.63 per cent in March 2022. It was for the sixth consecutive month that wholesale inflation was down to single digits, after remaining in double digits for 18 months. It was 2.29 per cent in November 2020.
“However, there has been uptick in food prices, somewhat offsetting the lower prices of fuel, power and manufactured products,” he added.
Also, the decline in prices continued in textiles (-4.93 per cent) and fats (-21.33 per cent).
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Besides, fuel inflation eased to 8.96 per cent in March from 14.82 per cent in February. It was led by deceleration in prices of petrol (6.48 per cent) and high-speed diesel (11.85 per cent). However, after contracting for four straight months LPG prices rose by 3.31 per cent in March.
In April, the six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) unanimously decided to keep the policy repo rate unchanged at 6.5 per cent but declined to concede that the rate cycle had peaked.
The divergence between retail and wholesale price inflation has now increased to 423 basis points (bps) in March from a meagre 24 bps in November.
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