Inflation crosses 11 percent to hit 13-year high

June 20th, 2008 - 2:00 pm ICT by IANS  


New Delhi, June 20 (IANS) India’s annual inflation rate touched a 13-year high of 11.05 percent for the week ended June 7, the same week during which the central government had announced large hikes in prices of petrol, diesel and cooking gas. The rate crossed into double digits from the 8.5 percent inflation rate for the previous week.

The wholesale price index (WPI) for the fuel, power, light and lubricants group showed a 7.8 percent rise and accounted in a big way for the high inflation rate, though the WPI for food articles actually declined 1.1 percent during the week.

Releasing the latest provisional inflation data here, the commerce and industry ministry said that in the week ended June 7, WPI for light diesel oil had gone up 21 percent, liquified petroleum gas (LPG) 20 percent, naptha 17 percent, furnace oil 15 percent, aviation turbine fuel 14 percent, petrol 11 percent, high speed diesel 10 percent and bitumen seven percent.

The WPI for non-food items went up by 1.4 percent, largely due higher prices of niger seed (13 percent), raw cotton and mustard seed (four percent), and raw jute and ginglee seed (two percent).

The ministry adjusted the provisional inflation figure of 7.33 percent for the week ended April 12 to a final figure of 7.95 percent.

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