Inflation rate in India drops to a thirty-year low of 2.43 per cent

April 9th, 2009 - 3:11 pm ICT by ANI  

New Delhi, Apr 9 (ANI): The rate of inflation in India for the week ended March 28 fell to historic low of 0.26 percent, from 0.31 percent a week earlier, government data showed on Thursday.

The inflation rate, which has been recorded as the lowest ever, in more than three decades, has increased the expectation of rate cuts by the Reserve Bank of India (RBI).

The fall in the wholesale price index is mainly attributed to a fall in prices of mineral products and food items.

During the week, prices of fire clay went down by 19 per cent. This led to a decline in the minerals group by a whopping 11.8 per cent.

Prices of iron ore and chromite fell by 14 percent and two percent respectively.

Moreover, prices of some food items like tea have declined.

However, the fuel index remained unchanged at its previous week’s level of 320.9.

On the other hand, manufactured items like imported edible oil were dearer by six per cent, benzene by 14 per cent, and enamelled copper wires by 9 per cent. (ANI)

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