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Inflation rises to a high of 11.42%
by Jenny HodgeIndia’s annual inflation rate soared to 11.42 per cent for the week ending June 14, 2008.
The latest inflation number, released Friday, was higher by 0.37 per cent over the figure recorded during the previous week.
It may be recalled that inflation was 4.13 in the corresponding week a year ago.
The inflation number was higher by 0.37 per cent over the figure recorded during the previous week.
Inflation was 4.13 in the corresponding week a year ago.
Over the last few months India has been fighting with rising prices of daily use items including food, vegetables and eatable oils.
Despite some serious initiatives taken by federal government, the inflation rate has been going up continuously during the last few weeks.
During the week, the price of tea went up by three per cent, milk by one per cent, sunflower oil by four per cent, vanaspati by two per cent and imported edible oil, salt mustard oil by one per cent each.
Analysts believe that the country’s central bank, the Reserve Bank of India (RBI), which has already increased repo rates, may increase rates further to curb inflation.
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