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High food prices have increased inflation
by Jenny HodgeThe Associated Chambers of Commerce and Industry of India (ASSOCHAM) says that costlier prices of edible oil, food products, fruit and vegetables and iron and steel fuelled inflation to 11.63% and if their supplies are not maintained, inflation will exceed even 12%.
ASSOCHAM President, Mr. Sajjan Jindal, fears that rising crude oil and food prices on international level could further increase the inflation rate in India.
Meanwhile, the latest data released by India’s Department of Economic Affairs, Ministry of Finance, suggest that the WPI index for all commodities for the week ending June 21, 2008 has moved up from 236.1 from the previous week to 237.1.
The rate of inflation stands at 11.63 per cent.
In the ‘manufactured products’ group, the annual inflation (point-to-point) has increased from 9.74 to 10.28 per cent.
However, on a year-to-year basis, there is a decline in prices in a number of commodities including the following: bagasse, zinc, tyre cord fabric, nickel alloy, fluorescent tube, alloy stainless steel, brass sheets, blended tea leaf, lead ingots, duplex board, MS/SS ingots, polyester staple fibre, unrefined oil, aluminium bars and rods, vitamin tablets, copper bars and rods, cotton grey, cotton yarn, polyester yarn, aluminium products, resins, GLS lamps, adhesives, bottles and canvas foot wear.
Compared to prices on April 1, 2008, there is a decline in prices also in the case of steel ingots, gingerly oil, electrical equipment, decorative laminates, imported edible oil, sooji, soya bean oil, maida, safety matches, printing ink, sugar, aata, rape and mustard oil, map litho paper and salt.
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