Monday, July 14, 2008

Inflation rises to 11.89 per cent

by Jo Black

India’s Inflation soared to 11.89 per cent for the week ended June 28, mainly due to higher prices of essential food items and some manufactured products such as cement and edible oils.

The Indian finance ministry said in a statement that the rate of inflation in the week ending June 28, 2008 stood at 11.89 per cent, marginally higher than the rate of 11.63 per cent reported last week.

Inflation was at 4.42 per cent in the corresponding week a year-ago.

Market observers say that prices of coconut oil soared by 11 per cent, mustard oil by five per cent, soya oil by four per cent, while fruits and vegetable, pulses, jowar and barley increased by one per cent each.

However, the finance ministry is of the view that the annual inflation rate for the group of 30 commodities stands at 5.98 per cent.

Prices of essential commodities which include food grains, pulses, edible oils, vegetables, dairy products and some other commodities including kerosene, soap safety matches have more or less stabilised, since the rate of inflation reported last week was 5.89 per cent.

The Indian federal government has taken some serious steps to control inflation but it could not control the rising trend in inflation over the last few weeks.

 

 

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