Food inflation close to double digits, grave concern: Pranab

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Finance Minister Pranab Mukherjee
New Delhi, Sep 29: Finance Minister Pranab Mukherjee today (Sept 29) described the latest rise in food inflation toward the double-digit mark as an area of "grave concern".

"Food inflation has gone up and it is perilously close to double digits... Food prices are an area of major and grave concern," he told reporters here.

Food inflation jumped to 9.13 per cent for the week ended September 17 from 8.84 per cent in the previous week, mainly due to a rise in prices of potatoes, pulses and poultry.

As per today's data, prices of gram, masoor, arhar, urad and poultry firmed up on an annual basis. Potato prices, too, firmed up by about 15 per cent on an annual basis.

In the week ended September 10, food inflation declined to 8.84 per cent from 9.47 per cent in the previous week.

"These fluctuations are taking place and it is one of the areas of grave concern," Mukherjee told reporters, adding, "(Food inflation)... is perilously close to double digits."

The WPI for non-food articles has come down sharply from 17.42 per cent to 12.89 per cent during the week. "As a result, WPI inflation in primary articles has declined. But fuel and power, light and lubricants, they have also contributed (to rising inflation)," he said.

PTI

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