Inflation crosses 12 percent, finance ministry says it’s stable

August 7th, 2008 - 8:02 pm ICT by IANS  

New Delhi, Aug 7 (IANS) India’s annual rate of inflation crossed the 12 percent mark to 12.01 percent for the week ended July 26 as compared to 11.98 percent the week before, data released Thursday showed. The Wholesale Price Index (WPI) released by the ministry of commerce and industry showed an increase in the prices of primary articles by 0.1 percent, while that of non-food articles rose by 0.4 percent.

The official data showed that the annual rate of inflation based on final index, calculated on point-to-point basis, stood at 9.32 percent as compared to 8.75 percent (provisional) for the week ended May 31.

The finance ministry, however, in a statement said: “Inflation, on a week on week basis, has continued to remain stable.”

“The rate of inflation for the week ending July 26 stands at 12.01 percent, marginally higher than the rate of 11.98 percent reported last week,” the finance ministry’s statement said.

After a lull, the WPI for fuel, power, light and lubricants rose by 0.2 percent due to higher prices of furnace oil (three percent).

The manufactured-products index rose by 0.1 percent while that of chemicals and chemical products increased by 0.05 percent.

The price index for mineral declined by 0.6 percent, while that of chemicals and chemical products declined by 0.05 percent

The final wholesale price index for all commodities stood at 232.3 as compared to 231.1 (provisional) for the week ended May 31.

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