Stocks
Multi-level marketing schemes: Jago, grahak, jago!

Ponzi schemes are born every second. They make false claims to systematically plunder gullible...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Food inflation slips to 7.47% for week ended 7th May

This is the lowest rate of price rise in food items in the last 18 months, when separate data for food inflation first started coming in. It is also the third consecutive week in which food inflation has fallen

New Delhi: Continuing on its downward trend, the country’s food inflation slipped further to 7.47% for the week ended 7th May, from 7.70% in the previous week, on the back of cheaper pulses, vegetables and wheat, reports PTI.

This is the lowest rate of price rise in food items in the last 18 months, when separate data for food inflation first started coming in. It is also the third consecutive week in which food inflation has fallen.

Food inflation, as measured by the Wholesale Price Index (WPI), was over 22% in the corresponding week of 2010.

The latest numbers are likely to bring cheer to the government which has termed inflation control as one of the major items on its agenda.

Food inflation remained in double-digits for most of 2010, before showing signs of moderation since March this year.

During the week under review, pulses became cheaper by 8.87% year-on-year, while prices of vegetables were down by 3.61%.

Prices of wheat also fell by 0.06%. The government’s third estimate released recently said that production of wheat would surpass all previous records during the 2010-11 (July-June) crop year.

However, prices of other food items continued to remain expensive. Fruits were dearer by over 30% on an annual basis, while eggs, meat and fish were up by 5.67%. Milk prices were also up 4.56%.

Cereals became 4.79% more expensive, while onion prices were up 10.53%.

Overall, primary articles reported 10.94% inflation.

Meanwhile, non-food primary articles were up 23.82% during the week under review. Fibres became dearer by almost 62%, while minerals were up 11.95%. Fuel and power became 12.11% costlier year-on-year.

The government and Reserve Bank of India (RBI) had said that in months to come, inflationary pressure would be more from core (non-food) items on account of high global prices of commodities, particularly crude.

Headline inflation in April had stood at 8.66%.

In its monetary policy for 2011-12, RBI had said that overall inflation would remain high in the near future, averaging 9% during the first half of the fiscal, before moderating to around 6% by the year-end.

The RBI has hiked its key policy rates nine times since March 2010, and experts say more rate hikes are to come as the apex bank focuses on curbing demand to tame inflationary pressure.

User

Birla Corporation: Ready to bounce?

After a great 2009-10, the performance of this multi-product company fell back over two...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)