India’s inflation rate falls to single digitNovember 13th, 2008 - 2:32 pm ICT by IANS
New Delhi, Nov 13 (IANS) In a development that should bring cheer to the United Progressive Alliance (UPA) government ahead of the ensuing state elections, India’s annual rate of inflation fell sharply to 8.98 percent for the week ended Nov 1 from 10.72 percent for the week before.The sharp fall in the inflation rate was the result of a 1.3 percent drop in the official wholesale price index in a matter of just one week, notably due to a 3.4 percent decline in the index for fuels and 0.7 percent in manufactured products.
The statistics, released by the commerce ministry, also pointed out that primary articles, which have a weight of 22.02 percent in the general index, also fell 0.4 percent during the week under review.
The annual rate of inflation stood at 3.35 percent during the corresponding week of last year.
Six states go to the polls from Nov 14.