India’s food price index rises 9.42 % y-o-y

Mar 17, 2011 12:00 AM

India's food price index rose to 9.42 % and the fuel price index climbed 12.79 % in the year to March 5, government data showed.
Annual food inflation in early March eased from 9.52 % recorded in the previous week as prices of onions and milk fell, while fuel inflation accelerated, on a jump in coking coal prices, from 9.48 % a week earlier.

The primary articles price index was up 12.31 %, compared with an annual rise of 13.96 % in the prior week.
The wholesale price index-based inflation, the most widely watched gauge of prices in India, unexpectedly quickened an annual 8.31 % in February on higher fuel and manufactured product prices, data showed, compared with 8.23 % in January.

Most analysts expect another rate rise of 25 basis points when the central bank reviews policy, for which a decision is due.
Faced with persistently high inflation in Asia's third-largest economy, the Reserve Bank of India (RBI) has been the most aggressive central bank in the region, lifting its key rates seven times since last March.

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