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Inflation hits 42-month high at 7.57%

Inflation hits 42-month high at 7.57%
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First Published: Fri, May 02 2008. 05 27 PM IST
Updated: Fri, May 02 2008. 05 27 PM IST
PTI
New Delhi: Inflation galloped to 42-month high of 7.57% for the week ended 19 April as compared to 7.33% a week ago mainly on account of higher prices of food articles like rice, milk, tea, vegetables and some manufactured products.
The wholesale price based inflation stood at 6.07% in the corresponding week a year ago. The previous high of 7.76% was recorded for the week ended 2 November, 2004.
During the reporting week, prices of tea shot up by 17%, even as other food items like milk, rice, vegetables and mutton became dearer.
Among other commodities, the prices of Light Diesel Oil and furnace oil went up by 2% and by 1% respectively.
In the manufactured products category cast iron pipes jumped by 51%, pig iron by 8% and steel sheets by 2%.
The annual rate of inflation, based on Wholesale Price Index (WPI), has been rising despite fiscal and monetary measures taken by the government recently.
While the government has banned export of certain commodities like non-basmati rice and pulses and reduced customs duties on various other items to rein in inflation, the Reserve Bank of India (RBI) has raised the Cash Reserve Ratio (CRR) to suck excess liquidity from the market.
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First Published: Fri, May 02 2008. 05 27 PM IST
More Topics: Inflation | WPI | RBI | CRR | Price Rise |