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Lower food prices pull down inflation to 4.68 pc

Written by: Staff
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New Delhi, July 23: Decline in the prices of food articles including fruits and vegetables, milk and pulses like moong and masur has contained the annual rate of inflation for the week ended July 8, to 4.68 per cent as compared to 4.96 per cent last week.

The inflation rate, calculated on point-to-point basis, stood at 4.46 per cent during the corresponding week of the previous year, according to official figures released here today.

The Wholesale Price Index (WPI) for all commodities for the week ended July 1, rose by 0.1 per cent to 203.6 from 203.3 for the previous week.

Earlier, Finance Minister P Chidambaram told a news channel that a 4.5 to 5 per cent inflation rate was tolerable.

''Since the economy is growing at 8 per cent rate, according to me, a 4 to 5 per cent inflation rate in tolerable,'' Mr Chidambaram said.

He also assured that the government is taking steps to contain the price rise.

Also, the Union government on July 18 announced that wheat imports by the State Trading Corporation (STC) would be duty-free and said all possible steps are being taken to improve domestic availability of key agricultural commodities like pulses and sugar.

The index for the Primary Articles group declined by 0.5 per cent to 202.0 from 203.0 for the previous week.

The index for Food Articles group declined by 0.8 per cent 203.2 from 204.9 for the previous week due to lower prices of milk (3 per cent) and fruits and vegetables, moong, jowar and masur (1 per cent each).

However, the prices of eggs and condiments and spices (3 per cent each) and gram and maize (1 per cent each) moved up.

The index for Non-Food Articles group rose by 0.3 per cent to 183.9 from 183.4 for the previous week due to higher prices of niger seed (6 per cent) and fodder, castor seed, groundnut seed and soyabean (1 per cent each).

However, the prices of linseed (1 per cent) declined.

The index for Fuel, Power, Light and Lubricants remained unchanged at its previuos level of 326.3. The index for Manufactured Products group rose by 0.5 per cent to 176.8 from 176.0 for the previous week. The index for Food Products group rose by 0.2 per cent to 179.6 from 179.2 for the previous week due to higher prices of bread and buns (7 per cent), atta (5 per cent), maida, sunflower oil, groundnut oil and butter (2 per cent each) and khandsari, malted food and rice bran oil (1 per cent each).

However, the prices of bran (all kinds) (9 per cent), coconut oil (3 per cent) and gingelly oil and sooji rawa (1 per cent each) declined.

The index for Beverages, Tobacco and Tobacco Products group rose by 0.2 per cent to 235.3 from 234.9 for the previous week due to higher prices of beer and alcohol (6 per cent).

The index for Textiles group rose by 0.2 per cent to 131.1 from 130.9 for the previous week due to higher prices of acrylic yarn (5 per cent), texturised yarn (4 per cent) and other cotton yarn and hessain and sacking bags (1 per cent each).

However, the prices of hessian cloth (1 per cent) declined.

The index for Paper and Paper products group rose by 0.1 per cent to 188.6 from 188.5 for the previous week due to higher prices of mg poster paper (1 per cent).

The index for Chemicals and Chemical Products group rose by 1.4 per cent to 196.6 from 193.9 for the previous week due to higher prices of epoxy resins (301 per cent), phenol (8 per cent), ammonium sulphate n_content (7 per cent) and enamels (1 per cent).

However, the prices of calcium ammonium nitrate n-content (8 per cent) and liquid nitrogen and acid (all kinds) (1 per cent each) declined.

The index for Non-Metallic Mineral Products group declined by 0.2 per cent to 189.0 from 189.3 for the previous week due to marginal fall in the prices of cement.

The index for Basic Metal Alloys and Metal Products group rose by 0.2 per cent to 226.3 from 225.8 for the previous week due to higher prices of other aluminium material and aluminum extrusion (5 per cent each), aluminum rolled products (4 per cent) and aluminum ingots (3 per cent).

However, the prices of lead ingots and zinc ingots (1 per cent each) declined.

The index for Machinery and Machinery Tools group rose by 0.3 per cent to 152.0 from 151.6 for the previous week due to higher prices of boliers, its parts and accesories (11 per cent).

However, the prices of ceiling fans (6 per cent) declined.

UNI

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