Wholesale Inflation stands at 2.47% in March; manufacturing index rises

Mae Love
April 16, 2018

Inflation based on wholesale prices eased to an eight-month low of 2.47 per cent in March on cheaper food articles, including pulses, vegetables and eggs.

New Zealand's annual pace of inflation probably slowed in the first three months of the year as the government's "fees free" tertiary education policy comes into effect, removing price pressures in the sector. The index for "Manufacture of Wearing Apparel" sub-group declined by 0.9 per cent to 137.8 from 139.0 for the previous month due to lower price of woven apparel, except fur apparel, and knitted and crocheted apparel (1 per cent each).

Food and beverage prices were 0.9 per cent up, on an annual basis, while the price of utilities and housing has increased by 4.6 per cent and transportation costs were 0.7 per cent higher compared to a year earlier.

The data disclosed that prices of food articles dipped by (-) 0.29 percent from an acceleration of 0.88 percent in the previous corresponding month. "We expect the average WPI inflation to rise to around 3.9 per cent in 2018-19 from 2.9 per cent in 2017-18", Nayar said.

The index for fuel and power declined by 0.1 per cent to 98 (provisional) from 98.1 (provisional) in February.

US pastor faces terror charges in fraught trial in Turkey
Andrew Brunson goes on trial on charges of aiding terror groups in a case that has raised tensions between Washington and Ankara . Turkey has submitted an extradition request to the USA for Gulen, who lives in Pennsylvania, but so far it not been granted.

Mourinho slams United as they hand title to City
That didn't make me feel super happy and, in my opinion, it affected some of the people that were too happy. Everyone was one more touch, one more trick, one more flick, one more turn".

Court Rules to Block Access to Telegram Messaging Service in Russian Federation
Durov who fled the country in 2014 said that the company has "the luxury of not caring about revenue streams or ad sales". Other countries to have blocked the app or its services includes Saudi Arabia, Pakistan, Indonesia, and Bahrain.

Product-wise, the price of high-speed diesel rose by 6.12 per cent during March while that of petrol climbed by 2.55 per cent and for LPG by (-) 9.08 per cent. It revised downwards forecast for retail inflation to 4.7-5.1 per cent for April-September and 4.4 per cent for October-March.

As per CSO data, inflation in the vegetables segment cooled to 11.7 per cent in March from 17.57 per cent in the previous month. The movement in core inflation at the retail and wholesale level were in the opposite direction in March 2018.

The inflation based on Consumer Price Index (CPI), a key data factored in by the RBI to arrive at interest rate, was 4.44 per cent in February. "Inflation in the food article category which has been declining since November 2017 turned into deflation in March 2018 mainly driven by the sharp correction in the prices of fruits and vegetable".

The reproduction of the story/photograph in any form will be liable for legal action.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER