New Delhi:The wholesale price-based inflation may have moderated somewhat in March but the pressure on prices is likely to continue for another two months, finance minister Pranab Mukherjee said on Thursday.
“Of course, the apprehension was that it may reach the double digit figure. So it has moderated to some extent but you will have to see that till the month of June, this pressure will continue,” Mukherjee told reporters here.
Inflation rose moderately to 9.9% in March from 9.89% in the previous month.
Mukherjee said inflation will cool down after the Rabi (winter crops) harvesting is complete and clearer indications of a good monsoon are available.
Harvesting of Rabi crops like wheat, potatoes, sugarcane and some pulses will be complete by mid-May.
Inflation remained largely concentrated on food items, particularly pulses and sugarcane. For the week ended April 3, however, food inflation inched down to 17.22% from 17.70% in the previous week.
Inflation did not touch the double digit mark in March, but remained far above RBI’s projection of 8.5% by the end of last fiscal.
Earlier the finance minister had said he would not be surprised if inflation touches double digits in March.