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ICRA Research Report
The Wholesale Price Index inflation accelerated to 15.1% in April 2022, the highest level since September 1991, from 14.5% in March 2022, partly on account of the jump in fuel prices during the month, while exceeding our projection of 14.3%.
The heatwave led to a spike in prices of perishables such as fruits, vegetables and milk, which along with a spike in tea prices pushed up the primary food inflation.
The core-WPI inflation reverted to a four-month high of 11.1% in April 2022, with producers forced to pass on the input price pressures.
While the month-on-month rise in the core-WPI eased to 1.4% in April 2022 from 1.8% in March 2022, it exceeded 1% for the third consecutive month.
With the WPI inflation continuing to print in double-digits, the probability of a repo hike in the June 2022 review of monetary policy has risen further.
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