Inflation jumps to 11.63 per centJuly 4th, 2008 - 10:43 pm ICT by ANI
Mumbai, July 4 (ANI): Despite governments measures to control inflation, which has been increasing for the past few months, it inched a new high this week marking above 11.63 per cent.
The Reserve Bank had raised short-term rate and cash reserve ratio in the previous week to balance the demand and supply sides.
Inflation had already soared to a 13-year high of 11.42 per cent for the week ended June 14. While food articles and textiles during that week were up 0.7 per cent, primary articles rose by 0.2 per cent, and fuel, power and energy were up by 0.1 per cent.
A steep rise of 3.6 per cent was recorded in minerals, while tea was up by 3 per cent. Non-food articles, however, were down by 0.5 per cent.
Finance ministry officials have warned that inflation could inch up to 13 per cent before making a slow descent.
Experts too are of the opinion that double-digit inflation is here to stay for some more time, but could come down in September. With prices of crucial commodities like steel likely to rise further, inflation is expected to stay over 11 per cent before it peaks around September. (ANI)
Tags: cash reserve ratio, commodities, demand and supply, finance ministry officials, food articles, governments, inflation, july 4, june 14, measures, minerals, power and energy, slow descent, steep rise, tea, textiles