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LATEST NEWS UPDATES | Food inflation up at 8.04% on lower base

Food inflation up at 8.04% on lower base

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published Published on Aug 6, 2011   modified Modified on Aug 6, 2011
-The Business Standard
 
Amid the ongoing debate in Parliament on inflation and the government’s inability to tame it, food inflation, which had seen a dip in the past two weeks, increased to 8.04 per cent for the week ended July 23.

In the previous week, food inflation had fallen to a 29-month low at 7.33 per cent. All major items in the food basket recorded a rise in prices, from vegetables to protein-based articles.

The rise in food inflation, however, could be credited to the base effect, as it had eased to 16.27 per cent, compared to the year-ago period from 18.56 per cent in the previous week. The base effect becomes clear in the movement of wholesale price index for food items. The index, in fact, declined 0.6 per cent to 192.2 points for the week ended July 23 from 193.3 points in the previous week.

Milk, that had seen a declining trend, since the week ended July 2, increased significantly to 10.26 per cent, compared to 9.96 per cent during the period under review.

Vegetable prices have also seen a rise since the week ended June 18 at 10.08 per cent. It rose to 10.20 per cent for the week ended July 23.

However, potato prices saw a decline to 7.85 per cent from 10.55 per cent. Egg, meat and fish saw a marginal rise in inflation to 6.66 per cent from 6.33 per cent.

Inflation for non-food primary articles (those found in raw form) dipped from 16.05 per cent in the previous week to 15.60 per cent for the week under review. Fuel and power price rise was flat at 12.12 per cent. Going forward, the met department forecast of weakening monsoon could also have an impact on food inflation or at least inflationary expectations later in the year.

“The weakening of monsoon would not have an immediate effect, but will start showing its effect on food prices during the third quarter,” said Deloitte, Haskins & Sells Director Anis Chakravarty.

The Business Standard, 5 August, 2011, http://www.business-standard.com/india/news/food-inflationat-804lower-base/444936/


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