Wholesale inflation in March surges to second highest since 2004

This surge comes as commodity prices harden amid the Russia-Ukraine offensive

The wholesale price index (WPI)-based inflation rate in March shot up to the second highest level in the current 2003-04 inflation series as commodity prices hardened amid the escalating Russia-Ukraine conflict.

The data released by the industry department on Monday showed wholesale price inflation rate rose to a four-month high of 14.55 per cent in March. This is a tad behind the record high of 14.87 per cent in November last year.

With the March figures in, WPI remained in double digits throughout FY22 with the average inflation at 12.96 per cent in the financial year. This is the highest in 30