 "TEMPORARY LULL A labourer sleeps on sacks of onions while waiting for customers at a wholesale market in Mumbai last week. Fears of the positive impact of the record kharif harvest turning negative are overstated. Courtesy: Reuters")
Wholesale price index-based inflation, led by soaring prices of fuels and those of manufactured products, touched its highest point in more than eight years in March.
The rate rose to 7.4 per cent in the month against 4.17 per in February and 2.51 per cent in January, the data released by the Ministry of Commerce and Industry showed on Thursday.
The rate of price rise is expected to be in double digits in the near term, led by food and a low base of last year, economists cautioned.
This dims hopes for any policy rate reduction in the near term even as there is economic uncertainty amid the second wave of the pandemic in the country.
The rate rose to 7.4 per cent in the month against 4.17 per in February and 2.51 per cent in January, the data released by the Ministry of Commerce and Industry showed on Thursday.
The rate of price rise is expected to be in double digits in the near term, led by food and a low base of last year, economists cautioned.
This dims hopes for any policy rate reduction in the near term even as there is economic uncertainty amid the second wave of the pandemic in the country.
