17 April 2017 Current Affairs:
Inflation based on the wholesale price index (WPI) slipped to 5.70% in March as manufactured goods showed cost decline even as food prices hardened.The WPI inflation, reflecting the annual rate of price rise, in February was 6.55%. In March 2016, the print came in at (-)0.45%.According to official data released on April 17, food prices saw a sharp rise of 3.12% in March compared to 2.69% in the previous month.This is primarily because of a steep price jump in vegetables where inflation stood at 5.70%. As for fruits, the figure was also high at 7.62%, while for egg, meat and fish, it was 3.12%.Fuel inflation declined to 18.16%, from 21.02% in February.The manufactured items witnessed some softening in price rise, with inflation at 2.99% in March, as against 3.66% in the previous month.The government also revised upwards January inflation to 5.53% from the provisional estimate of 5.25%.Earlier this month, the Reserve Bank of India had left key policy rate unchanged at 6.25% for the third review in a row citing upside risks to inflation. It had, however, increased the reverse repo rate — which it pays to banks for parking funds with it — by 0.25% to 6%, narrowing the policy rate corridor.For 2017-18, it projected retail inflation to average 4.5% in the first half and 5% in the second half.Data released last week showed that retail inflation touched a five-month high of 3.81% in March on costlier food items and non-food products.The RBI frames its monetary policy stance on the basis of retail inflation.
Inflation - Whole Sale Price Index
March - Dropped to 5.70%