The annual rate of inflation continues to march ahead of its previous week’s movement by going upward due to the soaring prices of manufactured article group.
The annual rate of inflation calculated on point-to-point basis rose by 4 basis points (bps) from 5.64% for the week ended on January 17, 2009 as against its previous week data of 5.60% for the week ended on January 10, 2009 while it was at 4.45% during the corresponding week of the previous year, showed the latest release wholesale price index on Thursday.
Commenting on the WPI data, Department of Economic Affairs, Ministry of Finance said in a statement, “Commodity group-wise examination shows that the slight increase seen in overall inflation in the current week has risen from the group of manufactured products.”
This week’s WPI data shows that in ‘manufactured products’, the inflation rate increased to 6.2%, compared to 5.9% last week due to continuous inflation surge in double digits in the sub-groups of food products, textiles, basic metals, alloys and metal products, cement, slate and graphite products, while the combine food group became lower to 9% this week in the comparison of 9.5% of last week.
Inflation continues to remain high in double digits in sugar, khandsari & gur, salt, pulses, fruits and vegetables, condiments and spices, added ministry in the statement.
The eight-day transporters’ strike hit the prices of food article sub-group as it rose by 0.1% on account of the rising prices of maize, rice, bajra and jowar. However in ‘non-food articles’, inflation follows the downward path to 6.4% compared to 7.1% in the previous week due to lower prices of raw rubber, rape & mustard seed and sunflower, added statement.
According to WPI data, the ‘fuel and power’ group became costlier because of higher prices of aviation turbine fuel (ATF) by 4% and furnace oil by 1%.
The annual rate of inflation based on final index, calculated on point to point basis, stood at 8.26 % as compared to 8.40% (provisional) reported earlier vide press note dated December 04, 2008, WPI reported.
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