Wholesale price index spike may hit consumer price index with lag: Economists SECTIONS Share Synopsis India’s wholesale inflation rose to a near 11-year high of 10.5% in April, data released on Monday showed. By contrast, retail inflation, as measured by the consumer price index (CPI), eased to 4.29% in April, from 5.52% in March, remaining within the Reserve Bank of India’s (RBI) target band of 2-6% for the fifth straight month. Getty Images Economists expect convergence in wholesale and retail inflation going ahead as higher commodity and fuel prices lead to a cost push in retail inflation. The sharp spike in the wholesale price index (WPI) in April is likely to spill over to retail inflation with a lag, but a normal monsoon and lower food inflation may moderate the impact, economists said. Retail inflation is expected to remain in the 5-5.5% range in the near term but could pick up toward the end of the financial year, they said. The meteorological department has forecast a normal monsoon this year.