In News : According to recently released official data, the Wholesale Price Index (WPI) - based inflation rate reached a record high of 15.1% in April, owing to increases in the cost of vegetables, fruits, milk and fuel. What’s in today’s article: Wholesale Price Index (Definition, description, WPI in India) News Summary (Recent figures, what caused the spike, impact) Wholesale Price Index (WPI): Definition : WPI represents the price of goods at a wholesale stage e., goods that are sold in bulk and traded between organizations instead of consumers. WPI is used as a measure of inflation in some economies. Description: WPIs are reported monthly in order to show the average price changes of goods. The total costs of the goods being considered in one year are then compared with the total costs of goods in the base year. The total prices for the base year are equal to 100 on the scale. Prices from another year are compared to that total and expressed as a percentage...