India’s inflation up at 7.33 percent

April 25th, 2008 - 1:51 pm ICT by admin  

A file-photo of Manmohan Singh

New Delhi, April 25 (IANS) India’s annual rate of inflation shot up to 7.33 percent for the week ended April 12 after easing a bit to 7.14 percent for previous week, official data showed Thursday. Last week, the inflation rate, as measured by movements in the weekly official wholesale price index, had eased marginally from a 40-month high of 7.41 percent for the week ended March 29.

Ahead of the release of inflation data, leaders of Left parties met with Prime Minister Manmohan Singh and asked him to take some immediate measures to check prices, including a ban on futures trading in some 25 commodities.

They also asked the prime minister to reduce import duty on crude oil, saying high prices of the commodity - which is hovering around $110 per barrel - had already been resulting in higher revenues for the government.

Finance Minister P. Chidambaram also said in the Lok Sabha that some administrative measures were under the government’s active consideration to curb price rise but warned that such steps could retard economic growth marginally.

“Steps taken will take some time to have an impact on inflation. Every possible measure is being taken. We must be patient,” Chidambaram told the lower house. “Inflation is largely driven by international prices of commodities.”

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