India’s inflation rate rises marginally

Mar 14, 2011 12:00 AM

 

Inflation rose marginally to 8.31 % for February 2011 from 8.23 % in January, putting pressure on the Reserve Bank to raise interest rates when it reviews the monetary policy later. The rise in inflation was mainly on account of higher milk, edible oil, vegetable and fruit prices. In addition, high fuel prices on account of soaring international crude oil rates also contributed to inflation.

With inflation showing no signs of moderation, it is widely expected that the RBI will raise key policy rates at its quarterly monetary policy review. It may be recalled that food inflation, which accounts for over 14 % of overall Wholesale Price Index (WPI inflation, stood at 10.65 % in February).

As per the WPI data, the prices of primary articles -- food, non-food articles and minerals -- shot up by 14.79 % on an annual basis, official data showed. However, prices of certain food items declined on a year-on-year basis.

While wheat became cheaper by 1.67 %, pulses prices fell by 5.10 % and rates for potatoes by 11.28 %. Recently fuel and power prices went up by 11.19 %, driven mainly by a 28.73 % rise in petrol prices and a 14.99 % jump in cooking gas (LPG) rates. At the same time, the manufactured goods group index rose by 4.49 % on an annual basis. Manufactured items have the highest weight of 64.9 % in the WPI.

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