Indian Inflation hits 16 yrs high; at 12.63 pc

Bangalore, Aug 21: Inflation soared to a fresh 16 year high of 12.63 per cent for the week ended August 9. Rising prices of food items like fruits, vegetables and milk pushed up inflation to 12.63 per cent from 12.44 per cent a week ago. Items that pushed up the wholesale prices-based inflation by 0.19 per cent include tea, pulses, cotton yarn and cement.

Inflation was 4.24 per cent during the corresponding week last year. "Annual inflation of 30 essential commodities, however, continues to be range bound 5.7 per cent to 6.7 per cent in 19 weeks of the current fiscal," said a Finance Ministry statement. While prices of cotton yarn was up by eight per cent during the week, polyester became dearer by seven per cent. In food basket, tea became costlier by two per cent and milk turned expensive by one per cent. Prices of pulses and mustard oil too firmed up by one per cent each.

Prices of imported edible oil, however, declined by six per cent, while sunflower oil too became cheaper by 2 per cent during the week.

In addition, prices of sea fish, egg and meat too declined marginally during the week.

OneIndia News