Inflation turns double-digit, at 10.16 pc in May

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Inflation turns double-digit, at 10.16 pc in May
New Delhi, Jun 14: Soaring food prices and the spread of the price rise to manufactured goods has taken the rate of inflaltion for the month of May 2010 to double digit at 10.16 per cent.

The inflation rose about 0.50 per cent from the Apr 2010 rate of 9.59. Besides this, the inflation for Mar 2010 was also revised up to 11.04 per cent from the estimated 9.9 per cent.

The rise of inflation to double digits is being attributed to low base of 1.38 per cent in 2009. However, the fact that the manufactured goods such as metals, wood getting dearer
is distressing.

On an average metal prices rose by 3.4 per cent. Stainless steel got costlier by 26 per cent, while prices of steel sheets, plates and strips went up by 14 per cent.

The food inflation dipped marginally to 16.49 per cent from 16.87 per cent in the previous month.

Primary food items like tea turned costlier by 21 per cent, urad by 5 per cent and moong by 3 per cent.

The rising inflation numbers will not only put pressure on the Reserve Bank of India (RBI) but also on the government.

OneIndia News

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