On a year-on-year (YoY) basis, onion prices soared higher by 42.22 percent whereas potato prices rose by 43.25 percent.
The yield on New Zealand's benchmark 10-year Treasury note, which moves inversely to its price, rose 1 basis point to 2.85 percent, the yield on the long-term 20-year note steadied at 3.44 percent and the yield on short-term 2-year too closed 1 basis point higher at 1.96 percent.
The overall prices have fallen, as food articles have turned cheaper in the last few months.
Prices of the other major group under the WPI, manufactured products, which comprise almost 64.23 per cent of the index, recorded a 3.03 per cent rise. In February 2018, inflation was at 2.48 per cent.
Food articles inflation contracted in March 2018 at 0.29 per cent against 0.88 per cent in the previous month.
The annual inflation rate in Brazil decelerated to 2.68% in March, from 2.84% in February, remaining below the bottom of the central bank's target, which ranges from 3% to 6%. This is different from the consumer price index-based inflation, which reflects price changes in the retail market.
Food prices were 0.3 per cent lower compared to February and services prices shrank by 0.4 per cent, while non-food prices were down by 0.2 per cent.
"Going ahead, we look forward to the continuation of favourable policy environment and further easing of monetary policy to strengthen the industrial growth and lower cost of borrowings for the businesses especially for the MSMEs". However, the March 2018 inflation is higher than 3.89 per cent recorded in the same month a year ago.
For 2018, the economists decreased the median inflation estimate for the eleventh consecutive week, to 3.48%, from 3.53% in the previous survey.
Aditi Nayar, principal economist at research firm Icra, said the rise in global crude petroleum and natural gas prices, as well as the recent depreciation of the rupee relative to the dollar, are likely to push up the WPI inflation in April 2018.
According to the data that the Ministry of Commerce & Industry released today, food articles showed deflation at 0.29 per cent in March as against a slight 0.88 per cent inflation in the preceding month.
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