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India's WPI inflation for apparel rises 1.1% in April

India's WPI inflation for apparel rises 1.1% in April

A vendor loads tomatoes in a bag for a customer at a wholesale vegetable market in Mumbai, March 14, 2018.

The retail inflation shot up to 4.58 percent in the month of April, as the prices of cereals, fish, and fruits showed a marginal increase.

Consumer food price inflation, a metric to gauge changes in monthly kitchen costs, grew 2.80 percent in April from 2.81 percent in March as compared with 0.61 percent growth a year ago.

Consumer prices rose 4.6 per cent in April from a year earlier, the statistics ministry said in a statement in New Delhi on Monday, higher than the 4.4 per cent median estimate in a Bloomberg survey of economists.

It stood at 2.47 per cent in March and 3.85 per cent in April previous year. But LPG prices continued to drop at a faster rate of 11 per cent.

The hardening of inflation, both retail and wholesale, comes weeks ahead of RBI's Monetary Policy Committee meet on June 4 and 5.

On Saturday, the government issued a press release that the base year for calculating the wholesale price index had been changed from 2004-'05 to 2011-'12. Housing inflation increased to 8.50 per cent in April from 8.31 per cent in March and inflation rate for "clothing and footwear" increased to 5.11 per cent in April from 4.91 per cent.

Snapping a three-month streak of easing, retail inflation for April accelerated to 4.58% on the back of quickening core inflation, according to official data released on Monday.

Inflation in manufactured products remained at 3.11 per cent, up from 3.03 per cent in the month before. The biggest risk that Asia's third-largest economy faces is rising crude oil prices, which hit $78 a barrel last week, their highest since November 2014 following prospects of new USA sanctions on Iran.

"The housing and rising oil prices are likely to keep pressure on headline inflation in coming months".

ICRA's principal economist Aditi Nayar said WPI inflation is expected to continue to rise over the remainder of this quarter.

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