The headline number for March 2011came in at 8.98%.
You will see a lot of square boxes with different colours. The size of each box is its weight in the parent, and the colour is based on the inflation of that item as given below.
Overall, Primary Articles inflation has come down from the 14%+ in Feb to 13%, but Fuel’s gone up from 11.5% to nearly 13% now. And the two of those just form 35% of the total WPI figure. The missing and more important area is:
Manufactured goods, which is a "secondary" item in that it contains elements that we use that are derived from primary articles (for example, if rubber is a primary article, tyres are secondary and so on). Manufactured goods is 65% of the index. Let’s also look at overall long term component growth:
You can see the green line perk up! In the last two years, the highest it has been at is 6.43% and in March 2011, it was 6.21%. That’s up from the first reported figure of 3.95% in Jan. Which has now been revised, for January, to 5.19%. This brings us to:
In another weird twist, the inflation revisions have started to increase again – and January Inflation, first announced at 8.23%, is now revised up to 9.35%. This is scary.