Inflation in India at Highest Level for 13 Months

14 September 2011 - Which Way to Pay

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Inflation in India at Highest Level for 13 Months

August saw the rate of inflation in India accelerate to 9.78%, the highest level in 13 months. The hike in rate highlights the difficult choices that face policy-makers at the moment regarding sluggish economic growth and ever-increasing inflation. 

The rate is up from 9.22% in the previous month, which is higher than expected. The data comes just 2 days following India’s industrial production figures, which showed that growth slowed considerably in July, dropping to 3.3% from 8.8% in June.

Inflation is not set to be helped by the sliding of the Indian rupee in recent days to the lowest in 2 years against the dollar. As India has such a high dependence on oil imports, the weak currency will contribute considerable to inflationary pressures.

India’s finance minister, Pranab Mukherjee, made a statement following the inflation data, saying ‘it is perilously close to the double digit figure. This is the time of stress, and we shall have to maintain our nerve to see how we can overcome this problem.’

The Reserve Bank of India is set to review interest rates this Friday, no doubt the recent figures will present challenges to the central bank. The rates have been raised eleven times over the last 18 months in an attempt to curb spiraling prices, as the cost of food and now even manufactured goods burgeons.



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