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New Delhi, February
25, 2010:
New Delhi, February 25, 2010 ( IANS]: India's annual food inflation based on wholesale
prices fell to 17.58 percent for the week ended Feb 13 from 17.97 the week
before, as per official data released Thursday. Prices of essential items continued to move up, with vegetables dearer by 13.57
percent, potatoes by 30.4 percent, pulses by 35.74 percent and fruits by 12.08
percent over the 52-week period, official data released by the commerce and
industry ministry showed. The limited data on wholesale price index showed a fall in the index for primary
articles by 15.84 percent, while that for Fuel,Power, Light & Lubricants
remained at last week's level of 9.89 percent.
India's annual rate of inflation, based on the wholesale prices index, had risen
to 8.56 percent in January from 7.31 percent in the previous month, primarily
due to galloping food prices. The Reserve Bank of India also raised its projected annual inflation rate at the
end of this fiscal to 8.5 percent from 6.5 percent.
The pressure of the continuing upward movement of food prices has also forced
the government to postpone a decision on a proposed fuel price hike. The price rise of some essential food items over the 52-week period:
- Pulses: 35.74 percent
- Potatoes: 30.4 percent
- Vegetables: 13.57 percent
- Wheat: 14.93 percent
- Rice: 9.5 percent
- Onions: 12.46 percent
- Milk: 14.16 percent
New Delhi, Feb.12, 2009:
:India's annual rate of inflation falls further to 4.39 percent for the week ended Feb. 5, 2009
...
December 26, 2008: India's wholesale price index, the most widely watched inflation measure, rose
6.61 percent in the 12 months to Dec.13, slower than 6.84 percent in the previous week but a shade above a Reuters poll of 6.57 percent.
December 18, 2008: Inflation eased to a nine-month low on the back of softening food
prices, strengthening the case for further interest rate cuts to
shore up the slowing economy. The wholesale price index for
the week ended December 12 dropped to 6.84% from 8.4% in the previous week.
New Delhi, October 30,2008
India's annual inflation rate eased to a 4-½ month low in
mid-October dips to 10.68 %. It was the lowest annual rate since May 31, the week before a hike in state-set
retail fuel prices pushed inflation into double digits.
London, October. 24, 2008:
World oil prices dips $61
to the lowest since March 2007.
New Delhi, October 23, 2008
Inflation dips to 11.07
on cheaper food and crude oil but the government said it was still
high, even as the RBI is expected to increase money supply in the system.
The Indian rupee dips to new low of 49.85 against the US dollar
amid renewed fears of a global recession.
New Delhi, October 16, 2008
Inflation, as measured by the Wholesale Price Index (WPI), drops
to 11.44 per cent for the week ended October 4, as compared to 11.80
the previous week.
New Delhi, October 10, 2008
Inflation, as measured by the Wholesale Price Index (WPI), drops
to 11.80 per cent for the week ended September 27 - lower from the week-ago level,
11.99 % because of a decline in the rate of price rise in food and manufactured products.
July 17, 2008: Inflation 11.91% hits a new high for the week ended July 5, 2008.
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Food inflation rises to
17.87%
New Delhi, March 4, 2010 (PTI) Driven by higher prices of milk, wheat, rice and
vegetables food inflation rose marginally to 17.87 per cent for the week ended
February 20. The food inflation in the previous week was at 17.58 per cent.
On the annual basis, the prices of rice increased 10 per cent, wheat 14 per
cent, pulses 35 per cent, onions 11 per cent and potatoes 28 per cent.
The inflation in fuel, power light and lubricant group was 9.59 per cent,
slightly lower compared with 9.89 per cent in the previous week. However, it is expected to surge significantly next week when the impact of the
fuel price hike would be reflected in the index.
In the Budget tabled last week, the government hiked customs duty on petrol and
diesel to 7.5 per cent from 2.5 per cent while excise duty was raised by Re 1 on non-branded (normal) petrol and diesel.
Inflation falls to -1.58 % on August 6, 2009
NEW DELHI, August 6, 2009: Government data showed on Thursday that price level for
all commodities stayed below zero for the eighth straight week, but prices of food items continued to surge, signaling political trouble for the Centre and three states preparing for local elections in a few months.
As per latest official data, annual inflation based on Wholesale Price Index stood at - 1.58% for the week ended July 25, 2009, while it was at 12.53% a year ago. The latest inflation number shows a
steeper fall in annual inflation recorded at the end of the previous
week at -1.54%.
This, however, is of no consolation to consumers as food prices are rising at 9.7% from year-ago levels, which does not adequately reflect in the wholesale price index due to its low representation.
For example, consumers have to pay 19% more for pulses, 26% more for
vegetables and 11.3% more for cereals compared to last year levels. This affects the poor more, who spend more of their disposable income on food. "It varies from section to section. At the lowest level, people spend 60% of their income on food," said Mr Sen.
Inflation falls further to 3.03 % on March 05, 2009
NEW DELHI, March 05, 2009 (Reuters): The wholesale price index rose 3.03 percent in the 12 months to Feb. 21, below the previous week's annual rise of 3.36 percent,
government data showed on Thursday.
The annual inflation rate was 5.69 percent during the corresponding week of the previous year.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.
RBI cuts reserve ratio, scraps bond as markets tank
MUMBAI, October 10, 2008 (Reuters): The Reserve Bank of India (RBI) slashed its cash reserve
requirement on Friday to free up some $12 billion in funds and ease a cash
squeeze that drove overnight rates to an 19-month high and forced the government
to cancel a bond auction. The Reserve Bank of India cut the reserve ratio by 1.5 percentage points to 7.5
percent, increasing the scope of the 50 basis point easing announced earlier this week.
The RBI sprung into action after overnight rates soared to as much as 23 percent
in the money market, which reopened following Thursday's holiday. The rupee hit
an all-time low and the main stock index plunged more than 9 percent, joining a
global selloff on recession fears despite unprecedented coordinated action by
the world's leading RBIs to stave off a crisis. Earlier on Friday the government called off an auction for $2 billion worth of
government bonds, citing liquidity conditions.
Despite a global round of interest rate cuts on Wednesday and Thursday, Indian
overnight lending rates more than doubled from Wednesday's closing levels of
around 10 percent. "This is a short-term reaction to a huge panic crisis and a possibility of a run
in the rupee. I think they will try their best to prevent the rupee from
breaching 50 per dollar," said Abheek Barua, chief economist at HDFC Bank in New Delhi.
The partially convertible rupee hit an all-time low of 49.30 per dollar in early
trade before it recovered some of the losses with state-run banks spotted
selling dollars to underpin the local currency.India's RBI has assured the government it was keeping a close watch on the
market and would take appropriate steps, Finance Secretary Arun Ramanathan said.
Rising oil prices is the most influential factor to aid inflation
Oil prices have already breached the $146 a barrel mark, and economists as well as speculators warn that it could climb to the $170 level before year-end. Influential factor
Though there are several other factors that have aided inflation, Finance ministry officials point to the oil prices being the single most influential factor that has impacted severely on the figures.
There has been a steady and significant increase in global oil prices which have spiralled from just $101.15 a barrel on April 1 to
over $145 now. Along with it, the price of the yellow metal, gold, has also risen, after an initial fall. The value of the rupee has
fallen against the dollar, which has lost its shine in the current market. Bombarded by these factors, the BSE stock index continues to
take a beating — its 700-point rise last Wednesday may have been a flash in the pan. After almost touching the 20000-level earlier, the
Sensex was still above the 15000-mark on April 1 and even rose to test the 18000-level by the beginning of May. But after that, it has been a free fall.
Rising inflation shakes India Inc's business
confidence: survey
New
Delhi, July 04, 2008: Inflation raced to a new high of 11.63% to
the week ended June 21, 2008, on the back of surging food and and commodity prices.
New Delhi, Jun 29 (PTI) Rising inflation, which may up go up further, has shaken India's business confidence with 64 per cent of industry
representatives claiming the current situation to be worse than what it was six months ago.
"Manufacturing inflation will go up in the months ahead and it would be a persistent trend throughout 2008," the Federation of Indian Chamber of Commerce and Industry (FICCI) said after conducting a survey of
business confidence which has deteriorated in the last six months.
Manufacturing has a weightage of 63.75 per cent in the whole price index. Inflation touched a 13-year high of 11.42 per cent for the week ended June 14. The results of the survey conducted between May and June showed that performance of the economy, industry and at the firm level has further weakened.
"The Current Conditions Index is at its lowest level because of moderation in growth, rise in inflation and input costs,"
the chamber said. The pressure on industry on account of rising interest and input costs has breached the
absorptive capacity for many companies, that are being forced to revise prices upward.
"India Inc has struck a note of nervous optimism and expressed
deep concern at the current state of the economy," it said. Assessment of current industry performance shows that nearly
38 per cent of the companies witnessed deterioration in performance over the last six months. This figure stood at 29 per cent in the last survey. PTI |
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Inflation soars to a fresh 13-year high of 11.42%
NEW DELHI, June 27, 2008: Surging food and commodity prices pushed inflation further up to 11.42 per cent for the week ended June 14, 2008, from 11.05 per cent in the previous week.
Inflation for the week ended April 19 was revised upwards to 8.23 percent from 7.57 percent. The annual inflation rate was 4.13 percent during the corresponding week of the previous year.
While food articles and textiles were up 0.7 per cent, primary articles rose by 0.2 per cent, and fuel, power and energy were up by 0.1 per cent. A steep rise of 3.6 per cent was recorded in minerals, while tea was up by 3 per cent. Non-food articles, however, were down by 0.5 per cent.
Inflation had already raced to a 13-year high of 11.05 per cent for the week ended June 7, driven by a 7.8 per cent rise in fuel, power and lubricants prices and a 14 per cent surge in ATF prices.
Sadly, however, there is no respite in sight from this soaring inflation. Even finance minister P Chidambaram has admitted that double-digit inflation would continue for some more weeks.
Experts too are of the opinion that double-digit inflation is here to stay for some more time, but could trend down in September. With prices of
crucial commodities like steel likely to rise further, inflation is expected to stay over 11 per cent before it peaks around September, they say.
It is estimated that steel and steel products (used in industries like auto, housing, white goods, capital goods etc) contribute almost 21 per cent to inflation. Cement prices are expected to remain soft, thanks to capacity addition.
Earlier this week, the RBI raised the cash reserve ratio (the proportion of bank deposits parked with the RBI) to 8.75 per cent and the repo rate (the rate at which RBI lends to banks) to 8.5 per cent as part of monetary
tightening to check inflation.
Source: ECONOMICTIMES.COM |
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