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India's annual rate of inflation based on wholesale prices sequentially rose to 7.39 per cent in March from a rise of 4.17 per cent in February.

Similarly, the inflation rate last month was higher on a year-on-year basis.

"The annual rate of inflation stood at 7.39 per cent (provisional) for the month of March, 2021 over March, 2020. However, the month-on-month (March 2021 over February 2021) rate of inflation stood at 1.57 per cent," the Ministry of Commerce and Industry said in a statement on WPI.

"The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year."

Besides, the ministry said that due to a nationwide lockdown, the WPI index for the month of March 2020 (120.4) was computed with relatively low response rate.