Tuesday, June 24, 2008

India’s inflation rises to 8.75%

by Jo Black

India’s inflation touched 8.75 per cent for the week ending May 31, leading to fears that it is inching towards double digits for the first time in 13 years.

Inflation was measured at 5.09 per cent during the corresponding week last year.

Costlier food and vegetables mainly accounted for 0.51 per cent increase in inflation from 8.24 per cent in the preceding week.

Following the hike in petrol and diesel prices, there were already concerns that inflation rate will rise in the coming weeks.

Inflation has been rapidly rising since January 2008 and the current inflation is the highest since the week ended February 10, 2001.

Figures suggest that the fresh rate is an over seven-year high on soaring manufactured product and primary article prices.

Despite, several government measures to contain rates, prices marginally increased.

Prices of foods and vegetables, cereals, milk, spices, cement and some manufactured products went up.

Market observers feel that inflation would hit double-digits in the coming weeks.

 

 

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