New Delhi: India’s food and non-food inflation is declining, finance minister Pranab Mukherjee said on Thursday, adding he does not give much credibility to weekly fluctuations in the inflation data.
The food price index rose 7.47% and the fuel price index climbed 12.11% in the year to 7 May, government data showed on Thursday.
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In the previous week, annual food and fuel inflation stood at 7.70% and 12.25% respectively, the slowest rise in food prices since end-March 2009.
“I don’t give much credibility to these weekly or monthly fluctuations,” Mukherjee told reporters.