New Delhi: The wholesale price index (WPI)-based inflation rate rose to an 8-year high of 7.39 per cent in March from a rise of 4.17 per cent in February.
In a statement released by the Ministry of Commerce and Industry, it said "The annual rate of inflation stood at 7.39 per cent (provisional) for the month of March 2021 over March 2020. However, the month-on-month (March 2021 over February 2021) rate of inflation stood at 1.57 per cent."
Such a high level of WPI was last recorded in October 2012, when inflation was 7.4 per cent.
"The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year." said the report.
Similarly, the inflation rate last month was higher on a year-on-year basis.
Also, the ministry said that the WPI index for the month of March 2020 (120.4) was computed with a relatively low response rate due to a nationwide lockdown,