According to figures issued by the Ministry of Commerce and Industry, wholesale inflation in the country surged to 13.11 percent in February. According to the report, the wholesale pricing index (WPI) increased 12.96 percent in January, while the WPI for December last year was corrected to 14.27 percent from 13.56 percent. In February 2021, the WPI was 4.83 percent. Beginning in April 2021, WPI inflation has remained in double digits for the 11th month in a row.
Inflation high due to price rise of mineral oils
“The high rate of inflation in February 2022 is primarily due to increases in the prices of mineral oils, basic metals, chemicals, and chemical products, crude petroleum and natural gas, food and non-food articles, and other items as compared to the same month last year,” according to a government press release.
According to the figures, the food articles segment increased by 8.19 percent in February. This was 10.33 percent in the previous month. The drop in vegetable costs is to blame for the month-on-month easing.
According to the report, vegetable prices increased by 26.93 percent in February, compared to a steep increase of 38.45 percent in January. The price of potatoes increased by 14.78 percent, while the price of onions decreased by (-)26.37 percent. Fruit prices fell to 10.30 percent last month from 12.50 percent in January, but wheat prices increased to 11.03 percent from 10.40 percent a month earlier. Prices for eggs, meat, and fish increased by 8.14 percent in February, down from 9.85 percent a month earlier, while cereal prices increased by 6.07 percent from 5.48 percent.