Inflation hits new high of 7.41 per cent

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New Delhi, Apr 11: The headline inflation rate for the week ended March 29 surged to a new three-year high at 7.41 per cent, compared to the previous week's level of 7.0 per cent. The annual inflation rate was 5.94 per cent during the corresponding week of the previous year, an official statement said.

Prime Minister Manmohan Singh yesterday said the looming food shortages coupled with steep rise in food prices has rendered control of inflation more difficult in India and other developing countries, thereby disturbing the macro-economic stability of such economies. The wholesale price index for 'All Commodities' for the week ended March 29, rose by 0.5 per cent to 226.0 (Provisional) from 224.8 (Provisional) for the previous week.

The index for 'Primary Articles' rose by 0.2 per cent to 235.1 (Provisional) from 234.6 (Provisional) for the previous week.

The index for 'Food Articles' group rose by 0.4 per cent to 227.2 (Provisional) from 226.2 (Provisional) for the previous week due to higher prices of masur, urad and fruits and vegetables (three per cent each), condiments and spices (two per cent) and gram, fish-marine, barley, moong and wheat (one per cent each).

However, the prices of milk and maize (one per cent each) declined.

The index for 'Non-food Articles' group declined by 0.3 per cent to 226.6 (Provisional) from 227.3 (Provisional) for the previous week due to lower prices of sunflower (three per cent), raw rubber (two per cent) and castor seed, groundnut seed and raw cotton (one per cent each).

However, the prices of gingelly seed (five per cent), copra (four per cent), fodder and raw jute (two per cent each) and linseed (one per cent) moved up.

The index for 'Minerals' group rose by 0.2 per cent to 595.8 (Provisional) from 594.8 (Provisional) for the previous week due to higher prices of lime stone (14 per cent) and steatite (to per cent). However, the prices of fire clay (21 per cent) and barytes (seven per cent) declined. The index for 'Fuel, Power, Light&Lubricants' group remained unchanged at its previous week's level of 341.4 (Provisional).

The index for 'Manufactured Products' group rose by 0.9 per cent to 197.1 (Provisional) from 195.4 (Provisional) for the previous week.

The index for 'Food Products' group rose by 0.8 per cent to 203.0 (Provisional) from 201.4 (Provisional) for the previous week due to higher prices of rice bran oil and oilcakes (three per cent each), sugar (two per cent) and groundnut oil and khandsari (one per cent each).

However, the prices of imported edible oil (five per cent), cotton seed oil (four cent), sunflower oil (three per cent) and gingelly oil and rape and mustard oil (one per cent each) declined.

The index for 'Chemicals &Chemical Products' group rose by 0.1 per cent to 209.7 (Provisional) from 209.4 (Provisional) for the previous week due to higher prices of acid (all kinds) (three per cent) and calcium ammonium nitrate n-content (one per cent).

The index for 'Basic Metals, Alloys&Metal Products' group rose by 3.8 per cent to 290.8 (Provisional) from 280.2 (Provisional) for the previous week due to higher prices of heavy rails (23 kg upwards) (33 per cent), bars and rods (20 per cent), heavy light structurals (nine per cent), cast iron casting (eight per cent) and alloy steel casting (two per cent).

However, the prices of zinc ingots (two per cent) declined.

UNI

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