March WPI number is mere statistics, RBI unlikely to be nudged into any action: Mythili Bhusnurmath

Mythili Bhusnurmath, Consulting Editor, ET Now, shares her opinion on the March WPI numbers. Excerpts:

ET Now: At -0.85, will the March WPI number nudlge the needle, or is it just statistics?

Mythili Bhusnurmath: This number doesn't excite me one bit. It does not matter one bit whether it is -0.67 or -0.85. It is not only because of the number itself. It is also because of the nature of the statistics.

Remember, the WPI base is 2004-2005. Not only the base, even the composition is in the process of being reworked. So, all in all, it does not excite me one bit.

Had it become positive or had it been much more in the negative, then it might have evoked some kind of response from me. But I think at -0.85 it is really a piece of statistic.

It does not excite me. I don't think it should excite the RBI as well. Policy action is largely over and done with. WPI is largely irrelevant from the RBI’s standpoint. So yes, it is just one more number on the table.