WPI inflation too inched up mildly to 13.11% YoY in Feb-22 from 12.96% in Jan-22. Sequentially, the index rose by a strong 1.40% MoM compared to a sequential contraction of 0.28% each seen in the previous two months.
- Primary food prices rose by 1.09% MoM in Feb-22. Sequential contraction in food prices were more than offset by sharp increase in prices for crude petroleum & natural gas, non-food items, and minerals.
- Fuel & Power index jumped up by 4.35% MoM in Feb-22, led by higher price of ATF, Kerosene, Naphtha, Bitumen, Furnace Oil, along with petrol and diesel for industrial users. This reflects the partial impact of sharp jump in price of India Crude Basket to USD 93 pb in Feb-22 from an average level of USD 78 pb in Dec-21 and Jan-22.
- Core inflation (headline WPI excluding food & beverages and all forms of fuel items) rose to 11.25% YoY in Feb-22 from 10.66% in Jan-22. The monthly sequential momentum printed at a strong level of 1.02%. This is the third instance of more than 1% MoM increase in core WPI inflation in FY22 so far and is reflective of elevated imported price pressures.
OutlookBoth CPI and WPI inflation in Feb-22 resonate similar messages, that of gradually creeping annualized rate of inflation, powered by moderate to strong sequential momentum. It is not surprising that the sequential momentum is relatively higher in case of WPI vis-à-vis CPI, since the former captures the rise in commodity and energy prices better.
We continue to stick to our FY22 forecast of 5.5%. The decline in inflation from 6.2% in FY21, has primarily been a function of softer food prices (with third successive year of surplus monsoon), even though Fuel and Clothing & footwear sub-categories added to inflation pressures amidst reopening of economies (global and domestic respectively) in FY22.
Going forward, we expect a potential increase in oil production from other OPEC+ countries and the US along with probability of easing sanctions on Iran, to help rein in spiraling crude oil prices and ease supply shortages. However, it would take some time for the prices to moderate on the back of escalating tensions with US and UK banning oil imports from Russia. As such, while the import dependency on Russian energy is limited, many allies of Russia could join the bandwagon thereby affecting supplies and keeping oil prices elevated. Additionally, existing low levels of oil inventories which had been depleted due to the pandemic and limited ability of some oil producing countries to ramp-up production due to years of underinvestment could further hamper the oil supplies. Overall, in our base case we expect oil price to average in the range of USD 85-90 pb in FY23 higher than USD 70-75 pb pegged in the Union Budget FY23 and in the inflation forecasts of RBI.
For FY23, inflation drivers are likely to face considerable pressure from persistent hardening of input prices. What started as a supply side disruption (exacerbated by elevated transportation costs and aided by recovery in global demand) in major part of FY22, later gave way to a spike in geopolitical risk premium on account of the ongoing conflict between Russia and Ukraine. While heightened uncertainty on account of geopolitical risk has primarily impacted energy prices, there is considerable stress in case of few other commodities like fertilizers, select food items, semiconductors, precious and few industrial metals, etc. However, on the assumption of a normal monsoon we had pegged our inflation forecast of 5.0% in FY23 although the upside risks are on the rise. There is a scope for upward revision in the forecast if crude oil prices were to stay elevated for a prolonged period.
Annexure
Table 1: Key highlights of CPI inflation
![](data:image/png;base64,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)
Chart 1: Sharp rise in crude oil prices in 2022 so far will weigh upon CPI inflation
![](https://www.acuite.in/images/CPI-Mar222222.jpg)