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Wheat
International Grains Council (IGC) has revised upwards the forecast for world wheat...

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Food inflation eases to 10.63% for week ended 5th November

Concerned over the inflationary spiral, the government had on Wednesday said it is taking steps to remove supply bottlenecks and expects prices to ease from December

New Delhi: Food inflation eased to 10.63% for the week ended 5th November from 1.81% in the previous week. The dip in the weekly food inflation came despite prices of agricultural items, barring onions and wheat, continuing to rise on an annual basis, reports PTI.

Food inflation, as measured by the Wholesale Price Index (WPI), stood at 11.41% in the corresponding week of the previous year.

As per data released by the government today, onions became cheaper by 22.89% year-on-year, while wheat price were down 3.63%.

However, all other items became more expensive on an annual basis during the week under review.

While vegetables became 27.26% costlier, pulses grew dearer by 14.44%, milk by 10.74% and eggs, meat and fish by 11.73%.

Fruits also became 5.99% more expensive on an annual basis, while cereal prices were up 3.53%.

Inflation in the overall primary articles category stood at 10.39% during the week ended 5th November, as against 11.43% in the previous week. Primary articles have over 20% weight in the wholesale price index.

Inflation in non-food articles, including fibres, oilseeds and minerals, was recorded at 5.33% during the week under review, as against 6.41% in the week ended 29th October.

Fuel and power inflation stood at 15.49% during the week ended 5th November compared to 14.50% in the previous week.

The continued rise in food prices is likely to exert further pressure on the government and the Reserve Bank of India (RBI) to tackle the situation expeditiously.

Concerned over the inflationary spiral, the government had yesterday said it is taking steps to remove supply bottlenecks and expects prices to ease from December.

“We are taking care to remove the supply constraints and I do hope from the month of December, inflation pressure would be moderate,” finance minister Pranab Mukherjee had said yesterday.

Headline inflation, which also factors in manufactured items, has been above the 9% mark since December 2010. It stood at 9.73% in September this year.

The RBI has hiked interest rates 13 times since March 2010 to tame demand and curb inflation.

In its second quarterly review of the monetary policy last month, the apex bank said it expects inflation to remain elevated till December on account of the demand-supply mismatch, before moderating to 7% by March 2012.

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