Soaring wholesale inflation tells us there’s no free lunch
March inflation, as measured by the wholesale price index (WPI), was at 7.39%. The last time WPI inflation was higher than this was in October 2012, when it had stood at 7.4%. Given this, WPI inflation in March was at an eight-and-a-half-year high.
The pace of price rise was driven by an 18% increase in the price of what the WPI index categorizes as mineral oils. This category has a weight of 7.95% in the overall index. It includes cooking gas, petrol, diesel and jet fuel
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