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Food inflation takes a steep leap to12.13% from 9.46%

Food inflation takes a steep leap to12.13% from 9.46%
PTI
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First Published: Thu, Dec 23 2010. 12 46 PM IST
Updated: Thu, Dec 23 2010. 12 47 PM IST
New Delhi: Food inflation surged back into double-digit territory at 12.13% for the week ended 24 December as the prices of vegetables, particularly onions, rose for the third consecutive week.
Food inflation registered a sharp increase during the week under review from 9.46% in the previous week to enter double digits for the first time since 13 November, when it stood at 10.15%.
On an annual basis, onions became costlier by 33.48%, whereas on a week-on-week basis, the increase was 4.56%, government data released here shows.
While fruits and milk became 20.15% and 17.83% more expensive year-on-year, vegetables became 15.54% dearer.
The sudden jump in food inflation could prompt the Reserve Bank to hike key rates in its policy review meeting next month.
RBI deputy governor Subir Gokarn had yesterday hinted that more tightening monetary measures were likely to be taken by the apex bank at its next policy review, as headline inflation is not easing as fast as the apex bank would like and upside risks still remain high.
“Inflation is not easing as we would like it to be... Upside risks to inflation are still high,” he had said.
Overall inflation for November was at 7.48%, down from 8.58% in the previous month.
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First Published: Thu, Dec 23 2010. 12 46 PM IST
More Topics: India | Economy | Inflation | Food Prices | Commodity |