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LATEST NEWS UPDATES | Food inflation eases to 7.78%

Food inflation eases to 7.78%

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published Published on Jul 2, 2011   modified Modified on Jul 2, 2011

-The Times of India

 

Food inflation eased to a six-week low on the back of improved supplies of vegetables and pulses in mid-June but fuel inflation inched up sustaining the price pressures on the economy.

Data released by the commerce ministry showed that food inflation slowed to 7.78% in the week to June 18, declining from the previous week's 9.13%. Food inflation has been volatile in the past few months and economists say they would be able to get a better picture after the monsoon rains play out.

The index for food articles group declined by 0.8% to 189.8 from 191.3 for the previous week due to lower prices of chicken (4%), masur (3%), tea, condiments and spices and jowar (2% each) and arhar, mutton and fish-inland (1% each). Year-on-year vegetables prices declined 10.08% while pulses prices fell 9.50%. The index for non-food articles group fell 0.4% to 180.4 from 181.2 for the previous week due to lower prices of flowers and raw cotton (3% each), cotton seed (2%) and raw jute, soyabean and raw silk (1% each). But prices of gaur seed (9%), sunflower (7%), copra (3%), fodder (2%) and gingelly seed, groundnut seed, castor seed and niger seed (1% each) rose.

The annual rate of inflation for fuel and power stood at 12.98% for the week ended June 18, rising marginally from 12.84% for the previous week. The impact of the latest increase is expected to reflect in the coming weeks and is likely to stoke inflationary pressures as an increase in diesel prices has a cascading effect across the economy.

The Times of India, 1 July, 2011, http://timesofindia.indiatimes.com/business/india-business/Food-inflation-eases-to-778/articleshow/9057008.cms


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