You've probably noticed that your wallet has been a lot happier of late. WPI Food Index holds 24.38% in the overall wholesale inflation.
WPI inflation eases to 2.47% in March as food articles turn cheaper. However, the price of ragi (3%), jowar and fish-marine (2% each) and peas/chawali, moong, betel leaves, wheat, paddy and pork (1% each) moved up.
The Wholesale Price-Indexed (WPI) inflation of the country slipped marginally to 2.47 per cent in March from 2.48 per cent reported for the previous month because of falling prices of food items, especially vegetables and pulses.
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). The data for February had, in fact, shown a marginal softening in this basket.
Wholesale prices climbed 2.47 percent year-over-year in March, nearly in line with February's 2.48 percent increase.
"Moreover, while average petrol prices at the pumps dropped 1.4 per cent between February and March this year, that was only a touch bigger than the 0.8 per cent drop seen between the same months in 2017".
However, the price of raw silk, mesta and hides, sunflower, soyabean, fodder, raw wool, coir fibre and raw rubber moved up.
The index for manufactured products (weight 64.23 per cent) for March 2018 rose by 0.4 per cent to 115.7 from 115.2 for the previous month.
The index for "Crude Petroleum & Natural Gas" group declined by 0.5 percent to 80.2 from 80.6 for the previous month due to lower price of crude petroleum. However, the price of petroleum coke and kerosene moved up. The index for electricity group rose by 2.9 per cent to 105.4 (provisional) from 102.4 (provisional) due to higher price of electricity (3 per cent).
It may be recalled that WPI had come in at 5.11 per cent in March previous year.
In its first monetary policy review for 2018-19, the Reserve Bank of India (RBI) earlier this month maintained status quo on interest rate citing inflationary concerns.