Inflation rate holds steady at 12.14 per cent news
25 September 2008

Mumbai: The annual rate of inflation based on the wholesale price index stood unchanged for the week ended 13 September at the previous week's level of 12.14 per cent, official data showed.

The inflation rate has come down from its peak level of 12.63 per cent for the week ended 9 August and has been ruling below that rate ever since, a statement issued by the department of economic affairs of the ministry of finance said.

The inflation rate was 3.51 per cent during the corresponding week of the previous year.

Inflation for the week ended 19 July was revised up to 12.54 per cent from 11.98 per cent.

For the week under review, prices of 30 essential commodities declined to 7.58 per cent for the week ended 13 September, from 7.72 per cent reported in the earlier week. There was a decline in the prices of cereals, pulses, sugar and edible oils, the finance ministry said in a statement.

While prices of food items like salt, sea fish, tea, fruits, condiments and spices rose, rates of imported edible oil declined, giving some relief to the government which was unable to control its prices because of rise in global rates.

Among manufactured goods, items like tobacco, rubber, chemicals, mineral and machinery turned dearer.

In the 'primary articles' group, the annual point-to-point inflation increased to 11.56 per cent, as compared to 11.27 per cent reported last week, though it remained lower than 11.83 per cent for the week ending 9 August. Out of a total of 98 articles, 18 articles have shown a decline in prices in the current week as compared to 6 September. These included among others, rice, wheat, bajra, jowar, gram, moong, masur, urad, mustard, gingelly and niger seeds, cashewnuts, black pepper, cumin and brinjal. Another 58 articles have shown no increase in prices, the release said.

In the commodity group 'fuel and power', the rate of inflation remained unchanged at the previous week's level of 16.66 per cent. Prices of all the 19 commodities remained unchanged in the current week.

In the case of 'manufactured products', the rate of inflation declined to 10.61 per cent, as compared to 10.78 per cent in previous weeks. Out of 318 commodities, 286 have shown no increase in prices over the last week. In the case of 13 commodities, there has been a decline in prices. These commodities include rice bran, cottonseed, coconut, groundnut and imported edible oils; butter and ghee; deoiled cake; sugar; lead ingots; vitamin tablets; synthetic yarn; and electrolytic capacitors. Only 19 products, particularly mustard, unrefined and gingelly oil; cement; groundnut cake; gur and khandsari; texturised yarn; zinc and zinc ingots; synthetic resins; salt and plastic containers witnessed an increase in prices, the release said.


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Inflation rate holds steady at 12.14 per cent