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Answer :
Final answer:
The wholesale price inflation in India during 2021-2022 was influenced by a sharp increase in international crude oil prices, extreme weather conditions, and disruptions in the global supply chain due to the COVID-19 pandemic.
Explanation:
The wholesale price inflation in India during 2021-2022 can be attributed to several factors. One significant cause is the sharp increase in international prices of crude oil, which has a cascading effect on the cost of goods and services. During this period, there was also the impact of extreme weather conditions that affected the supply of commodities, leading to cost-push inflation. Additionally, disruptions caused by the COVID-19 pandemic led to a rise in utilities prices and created shortages in the global supply chain, further aggravating inflationary pressures.
Moreover, the inflation during this time was also fueled by the higher amounts of money in circulation, due to stimulus measures like stimulus checks and expanded unemployment benefits. This component of inflation can be categorized as demand-pull inflation. All these factors combined to push overall inflation higher, affecting both consumer prices and wholesale prices in India.
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