"The rise in wholesale inflation is quite alarming and has become a big challenge for the common man," Ved Jain, economist and former president of The Indian Chartered Accountants of India, told NDTV.
Crude prices eased to around $112 per barrel on Monday after rising sharply in early trade, with oil contracts trading within a $3 range - between about $111 and $114 a barrel.
Inflation has surged sharply in March, according to the latest data from India, the United Kingdom and the United States, but that does not reflect the full impact of the ongoing Russia-Ukraine war, suggesting that the risks are skewed more to the upside for price pressures globally.
the Indian crude oil basket price rose to $99.86 per barrel on April 12, 2022, at an exchange rate of Rs 76.11 per dollar, up from $97.82 per barrel the previous day at (Rs/$) 75.96.
The rupee extended its losses on Wednesday as the dollar strengthened after Federal Reserve Governor Lael Brainard said the US central bank needs to act and take inflation head-on.