India’s Inflation Rates Surges To 7.23%

15 May 2012 16:00 - Mark Maffia

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India’s Inflation Rates Surges To 7.23%

The Ministry of Commerce and Industry said that India’s inflation rate surged to 7.23% in April amid higher prices of foods items, fuels and manufactured goods, well above expectations and reversing the downward trench of recent months. The rise in the Wholesale Price Index was higher than the 6.89% inflation seen in March. Official figures released showed that inflation in overall food items accelerated by 10.48% as the prices of vegetables jumped by 60.97%, milk increased by 15.51% and the cost of meat, eggs and fish rose by 17.54%.

Speaking of the figures, finance minister Pranab Mukherjee said, “Food inflation is a matter of concern as it has reached the double digit mark. Food inflation can be tackled by creating storage facilities and cold chains and also the required institutional reforms in agricultural markets. In both these areas, state governments have to take appropriate steps. I will also discuss with them.” Mukherjee also claimed that “core inflation is, on the whole, satisfactory and manufacturing is also under a decline trench.” However, inflation in manufactured goods has gone up to 5.12% in April from 4.87% in March because of the hike in excise duty in the Union Budget.

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