Food Inflationary Rate Falls Slightly to 9.32%

13 October 2011 - Which Way to Pay

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Food Inflationary Rate Falls Slightly to 9.32%

Government data released today showed that India’s food price index increased 9.32%, with the fuel price index rising 15.10% throughout the year to the end of September. Last week the rates were 9.41% and 14.69% respectively.

The Reserve Bank of India has increased interest rates twelve times over the last eighteen months in a bid to control inflation which has risen to twice the target rate of the RBI. Some economists have argued that the inflation rises have done more to impede economic growth than reign inflation in.

Industrial production figures published on Wednesday showed that expansion in the sector was less than predicted throughout August, which could be cited as evidence of a sluggish Indian economy as inflation rates rise and interest rates soar continue to weigh on demand.

It is still uncertain whether the poor industrial growth will spur the Reserve Bank of India to put a stop to the interest rate hikes, along with inflation rate rises. August saw the rate of inflation increase to the highest level in over a year to 9.78%, up from July’s 9.22%. The next policy review for the RBI is set for 25th October.




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