Inflation rises up to 5.64 percent

January 29th, 2009 - 4:40 pm ICT by ANI  

New Delhi, Jan 29, (ANI): Rising prices of essential food articles, jet fuel, and alcohol has pushed up inflation for the second consecutive week, to 5.64 percent.

Inflation for the week ending January 17 inched up by 0.04 percent from 5.6 percent a week ago.

Food items like, maize, bajra, jowar, rice, sugar and gur became expensive during the Eight-day truckers strike, which ended on January 12.

The truckers strike restricted the movement of goods, leading to shortages and pricing.

Housing Development Finance Corporation Limited (HDFC) Bank Chief Economist Abheek Barua said, It’’s an aberration and next week also we might see a little surge due to the spill over effect of the truckers” strike. But the trend is downward and it (inflation) will fall in the days ahead.

Reserve Bank of India (RBI) in its third quarterly review of monetary policy lowered inflation estimates to three per cent by March end.

The government on Thursday cut down petrol prices by Rs. 5 a litre, diesel by Rs. 2 per litre and domestic LPG by Rs. 25 per cylinder, which is expected to bring down inflation substantially.

Manufactured items like, caustic soda, zinc and sacking bags became expensive during the week, while in the fuel goods category, jet fuel and furnace oil became dearer by four percent and one percent respectively. (ANI)

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