March WPI inflation at 8-yr high; economists see it in double digits in May

Hopes for policy rate reduction in near term dim even as economic uncertainty looms large amid the second Covid-19 wave

Wholesale price index-based inflation, led by soaring prices of fuels and those of manufactured products, touched its highest point in more than eight years in March.
 
The rate rose to 7.4 per cent in the month against 4.17 per in February and 2.51 per cent in January, the data released by the Ministry of Commerce and Industry showed on Thursday.
 
The rate of price rise is expected to be in double digits in the near term, led by food and a low base of last year, economists cautioned.
 
This dims hopes for any policy rate reduction in