Inflation dips marginally to 11.89 percent

July 24th, 2008 - 8:12 pm ICT by IANS  

A file-photo of Manmohan Singh

New Delhi, July 24 (IANS) In what comes as a big relief to Prime Minister Manmohan Singh government, India’s annual rate of inflation dipped marginally to 11.89 percent for the week ended July 12 as compared to 11.91 percent for the week before. The wholesale price index (WPI) released by the ministry of commerce and industry Thursday showed a rise of 0.6 percent in the prices of primary food articles.

The prices of coffee went up by eight percent while those of fruits and vegetables by two percent.

Though the index for fuel, power and light showed no increase, manufactured products rose 0.05 percent.

The index for basic metal, alloys and metal products rose marginally to 298.9 from 298.8 due to higher prices of lead ingots (six percent).

The final WPI for week ended May 17 for all commodities stood at 230.8 as compared to 229.6 (provisional).

Annual rate of inflation, based on final index and calculated on point-to-point basis stood at 8.66 percent as compared to 8.1 percent (provisional).

In a statement, the finance ministry said, “Inflation on a week on week basis had continued to remain stable”.

Prices of essential commodities, which include food grains, pulses, edible oil, vegetables, dairy products as well as kerosene have more or less stabilised.

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