In March, India’s wholesale price index (WPI)-based inflation rose to 0.53%, marking a three-month high and continuing its positive trend for the fifth consecutive month after being in deflation for most of FY24. The increase was primarily driven by higher prices of food articles, electricity, crude petroleum, and natural gas. While the overall FY24 headline inflation stood at -0.7% compared to 9.6% in FY23, food inflation was at 3.2%, down from 6.4% in the previous year. Notably, prices of fuel and manufactured products contracted during FY24. Within food articles, onion and potato prices surged, while prices of pulses, vegetables, and milk decelerated in March.