India Inflation

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India: Wholesale prices in March continue to fall on an annual basis

April 15, 2015

Consumer prices in March increased 0.33% over the previous month, which was above February’s 0.17% rise. The monthly result mainly reflected a broad-based increase in prices. Inflation fell from 5.4% in February to 5.2% in March, which marked a three-month low. The result was below the 5.5% that markets had expected.

The wholesale price index (WPI) in March rose 0.17% over the previous month, which contrasted the revised 0.85% fall observed in February (previously reported: -1.4% month-on-month). March’s rise came on the back of an increase in fuel prices. In contrast, prices for primary articles and manufactured products decreased.

Wholesale prices in March fell 2.3% over the same month last year, which followed February’s 2.1% decrease. As a result, annual average WPI inflation fell from 2.7% in February to 2.0% in March.

FocusEconomics Consensus Forecast panelists expect consumer price inflation to average 5.8% in FY 2015/2016, which is unchanged from last month’s forecast. In FY 2016/2017, the panel expects consumer price inflation to average 5.8%. Panelists expect wholesale price inflation to average 2.0% in FY 2015/2016, which is unchanged from last month’s forecast. In FY 2016/2017, the panel expects wholesale price inflation to average 4.4%.


Author: Angela Bouzanis, Senior Economist

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India Inflation Chart


India Inflation March 2015

Note: Annual and monthly variation of wholesale price index (WPI) and annual variation of consumer price index (CPI) in %.
Source: Ministry of Commerce and Industry and FocusEconomics calculations.


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