Inflation slips down to 11.99 percentOctober 3rd, 2008 - 8:29 pm ICT by IANS
New Delhi, Oct 3 (IANS) Showing moderation after a week, India’s annual rate of inflation slipped to 11.99 percent for the week ending Sep 20 as compared to 12.14 percent for the week before, according to official data released Friday evening.The Wholesale Price Index (WPI) for all commodities declined to 241 (provisional) for the period under reference from 241.1 (provisional) the previous week.
The WPI data released by ministry of commerce and industry showed a decline of 0.2 percent in the index of primary articles comprising groundnut seed, raw rubber and castor seed, while the index for food articles like tea and milk rouse by 0.2 percent.
The annual rate of inflation, based on final index, calculated on point-to-point basis stood at 12.53 percent for the week ended July 26 as compared to 12.01 percent (provisional).
Though the price index for fuel, power, light and lubricants remained unchanged, there was an increase of 0.1 percent in the index of manufactured products like pulp, safety matches, pig iron and basic pig iron.
Incidentally, former Reserve Bank of India (RBI) Governor C. Rangarajan, who also chaired the Prime Minister’s Economic Advisory Council till recently, has forecast that the inflation rate would moderate to 10 percent by December.