The error is in part B. The article 'the' denotes that an ordinal adjective of a number must be used.
'Two consecutive months' could have been correct too, but the sentence discusses inflation for a particular month only (which is 'the second consecutive month' when the inflation rose). Therefore, 'two' should be replaced with 'second' and refer to one particular month only.
Hence, option (b) is the answer.
The correct sentence is: The wholesale price-based inflation rose for the second consecutive month to a 27-month high of 4.17% in February, as food, fuel and power prices spiked.
Note: Ordinal adjectives are number words that show order or position. For example: Sakshi won second place in her wrestling match.
Definite and indefinite articles: In the English language, we have one definite article the; it refers to or introduces, a particular, specific noun. An and a are indefinite articles; they refer to, or introduce, an unspecified noun.