India's food price inflation shoots up to 11.43 per cent
27 Oct 2011
Food price inflation in India, which hit the two-digit level at 10.60 per cent during the week ended 8 October 2011, shot up further to 11.43 per cent during the week ended 15 October 2011.
This is the highest level of food inflation in the country in more than six months. Food inflation stood at 14.20 cent during the similar week of the previous year.
The price spike has been due mainly to lower production of pulses and inadequate supplies of egg and meat.
With the RBI signalling a pause in its anti-inflation monetary measures, any reversal of the rising trend in food prices will depend on improvement in supplies.
Build-up of inflation so far during the financial year (beginning 1 April 2011) was 12.12 per cent against 9.61 per cent during the similar period of the previous year.
The spike ahs been caused by higher prices of fish and meat as also condiments and spices and some staples like maize and gram. Vegetable prices have also been ruling high during the week.
