Inflation not under control! Wholesale inflation at 3-decade record level in April

Wholesale inflation has touched a three-decade record high amid concerns from the Reserve Bank. According to the PTI report, wholesale inflation rose to 15.08 per cent in April, from 14.55 per cent in March. Let us tell you that since April 2021, the wholesale inflation has remained in double digits continuously.

Inflation of food articles: Inflation in food articles stood at 8.35 per cent in April, as against 8.06 per cent in March. Inflation in fuel and power rose to 38.66 per cent from 34.52% a month ago. Inflation in manufactured products rose to 10.85 per cent in April from 10.71 per cent in March. At the same time, inflation in crude oil and natural gas stood at 69.07 per cent in April. According to data released last week, retail inflation rose to an eight-year high of 7.79 per cent in April.

What is the reason: The Ministry of Commerce and Industry said, “The high rate of inflation in April 2022 was mainly due to the consumption of mineral oils, base metals, crude oil and natural gas, food items, non-food items, food products, chemicals and chemical products.” Due to increase in prices etc.

The Reserve Bank has taken these steps: Various steps are being taken by the Central Reserve Bank to control the rising inflation. Recently, the Central Reserve Bank had increased the repo rate by 0.40 percent. After this hike, the repo rate has gone up to 4.40 percent. With this move of RBI, the interest rate of home-car loan has started increasing. At the same time, RBI had also announced to increase the cash reserve ratio.