Inflation sinks to 5.66pc due to cheaper food items

By Staff
|
Google Oneindia News

New Delhi, May 11: The headline inflation further dipped to 5.66 per cent for the week ended April 28, as compared to 5.77 per cent the previous week due to a marginal decline in food prices.

The annual rate of inflation, calculated on a point-to-point basis, stood at 3.90 per cent during the corresponding week of the previous year, according to official figures issued here today.

Finance Minister P Chidambaram on Tuesday said the measures taken by the Government would bring down the inflation rate but the long-term solution to the problem lies in correcting the demand-supply mismatch in essential commodities.

''The demand-supply gap in wheat, pulses and edible oils, hardening of international prices of metals and crude oil, a rapid rise in credit, buoyant foreign investments and a high growth momentum have pushed up the inflation rate,'' said Mr Chidambaram. ''I am confident that RBI's monetary steps and government's fiscal measures will moderate inflation,'' he said.

UNI

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