High inflation not acceptable: Pranab

June 23rd, 2011 - 6:03 pm ICT by IANS  

Pranab Mukherjee New Delhi, June 23 (IANS) Finance Minister Pranab Mukherjee Thursday said high inflation levels were not acceptable and the government would make all efforts to bring them down.

Latest official figures showed India’s annual inflation rose to a two-and-half month high at 9.13 percent for the week ending June 11.

“We are in the region of high inflationary regime, which is not acceptable. It will have to be brought down,” Mukherjee told reporters here.

In a bid to tame inflation, the Reserve Bank of India had hiked rates last week — its tenth increase in key interest rates since March 2010.

“Detailed analysis of food items indicate it is substantially contributed by the milk products, poultry products, fish and certain other items,” added Mukherjee.

Milk became dearer by 15.3 percent, while eggs, meat and fish were costlier by 10.56 percent. Pulses, rice, wheat and onions were, however, cheaper.

According to the figures released Thursday, the primary articles index fell to 12.62 percent compared to 12.86 percent in the previous week.

The index for fuels and power remained unchanged at 12.84 percent.

As a group, under the wholesale price index, non-food items declined to 18.43 percent.

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