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Inflation
gallops to 42-month high of 7.57 per cent
New Delhi, May 02, 2008
Inflation galloped to 42-month high of 7.57 per cent for
the week ended on 19th April as compared to 7.33 per cent a
week ago mainly on account of higher prices of food articles.
Food articles like rice, milk, tea, vegetables and some
manufactured products whose soaring prices are also the reason
for rising inflation.
The wholesale price based inflation stood at 6.07 per cent in
the corresponding week a year ago.
The previous high of 7.76 per cent was recorded for the week
ended 2nd November, 2004.
During the reporting week, prices of tea shot up by 17 per
cent, even as other food items like milk, rice, vegetables and
mutton became dearer.
Among other commodities, the prices of Light Diesel Oil and
furnace oil went up by 2 per cent and by 1 per cent
respectively.
In the manufactured products category cast iron pipes jumped
by 51 per cent, pig iron by 8 per cent and steel sheets by 2
per cent.
The annual rate of inflation, based on Wholesale Price Index (WPI),
has been rising despite fiscal and monetary measures taken by
the government recently.
While the government has banned export of certain commodities
like non-basmati rice and pulses and reduced customs duties on
various other items to rein in inflation, the Reserve Bank of
India (RBI) has raised the Cash Reserve Ratio (CRR) to suck
excess liquidity from the market.
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