Mumbai: The annual rate of inflation based on the wholesale price index rose to a 59-week high of 6.68 per cent for the week ended March 15 from the previous week's 5.92 per cent, official data showed.

The rate is the highest reading since January 27, 2007, when inflation was 6.69 per cent.

The inflation rate was 6.56 per cent during the corresponding week of the previous year.

The spike was aided by an increase in metal prices where joist and rolls rose by a whopping 34 per cent, heavy light structural were up by 32 per cent, bright bars by 24 per cent, basic pig iron and foundry pig iron by 17 per cent each and steel sheets, plates and strips by 13 per cent each. Food items, like vegetables, rape seeds and mustard oil also turned dearer. Manufactured products like imported edible oil, coconut oil, and mustard oil, also turned dearer with a rise of 0.9 per cent. The rate is the highest since January 27, 2007, when inflation rate was 6.69 per cent.

The inflation rate which remained close to four per cent began its upward movement in in recent months.

The rise in inflation may not let RBI to go for a soft monetary stance and the Central Bank is expected to continue the tight interest rate policy.