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Thursday, May 20, 2010

Food inflation rises to 16.49 percent In India

India's annual food inflation edged up for the second straight week, rising to 16.49 percent for the week ended on May 8, official data released today showed.

The food inflation stood at 16.44 percent the previous week, up from 16.04 percent for the week ended April 24.

Data on the wholesale price index (WPI) released by the commerce and industry ministry showed that food inflation rose though the index for this group dropped marginally during the week under review.

The primary articles index was up 16.19 percent, compared to a rise of 16.76 percent during the previous week. Fuel prices rose 12.33 percent during the week ended on May 8, against a similar increase during the last week.

Following are the rise and fall in prices of some essential food items over the 52-week period:

- Pulses: 33.65 percent

- Milk: 21.12 percent

- Fruits: 17 percent

- Rice: 7.72 percent

- Cereals: 6.37 percent

- Wheat: 4.74 percent

- Potatoes: (-)30.36 percent

- Onions : (-) 16.01 percent

The overall annual rate of inflation in April stood at 9.59 percent.

The government, farmers and consumers alike are hoping that the monsoon will be good this year after last year's erratic and rainfall.

Over 60 percent of India's cultivable land is rain-fed, and hence the monsoon plays a critical part in food grain output and economic growth.

Finance Minister Pranab Mukherjee drove home the importance of monsoon rains when he said recently that in India monsoon is "the real finance minister".

The India Meteorological Department has forecast normal rainfall during the June-September monsoon period. The seasonal rainfall is likely to be 98 percent of the 50-year average this year. (IANS)
Food inflation rises to 16.49 percent


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