India’s WPI Inflation Increases To Series High Of 7.4% In March: ICICI Securities
Sacks of pulses are displayed in a store at the Kondli Wholesale Market in Noida, Uttar Pradesh, India. (Photographer Prashanth Vishwanathan/Bloomberg)

India’s WPI Inflation Increases To Series High Of 7.4% In March: ICICI Securities

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ICICI Securities Report

Wholesale inflation increased to series-high of 7.4% in March 2021 (our estimate: 6.5%, consensus: 6.2%).

This is a sharp jump from 4.2% in February 2021 and 0.4% in March 2020. With this print, average wholesale inflation in FY21 stands at 1.2%.

WPI food inflation came in at 5.3% in March 2021 from 3.3% in February and 5.2% in March 2020. Out of this, the contribution by ‘primary articles food’ was approximately 203 basis points and ‘manufactured food’ was ~330bps.

While all components of the WPI basket recorded rising prices in March 2021, manufacturing prices continued to be the largest driver of inflation.

Click on the attachment to read the full report:

ICICI Securities WPI Monitor.pdf


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