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India's
food inflation slips, breather for government
Thursday January 13, 2011 01:29:05 PM,
IANS
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New Delhi: India's
annual food inflation for the week ended Jan 1 fell to 16.91
percent, compared to 18.32 percent in the previous week. The will
come as a breather to the government, whose senior ministers have
been conducting hectic meetings to curb the rise in food prices.
After five straight weeks of rise in food inflation rate, based on
wholesale prices, the fall in the index was because of some
tempering in prices of onions, from the peak of Rs.70 per kg. The
prices of other essential commodities like pulses and food grains
too came down, according to data made available by the commerce
and industry ministry.
According to Thursday's data, the 52-week inflation rate for
non-food articles slipped to 20.49 percent for the week ended Jan
1, compared to 22.4 percent in the previous week.
The inflation rate for primary articles also dipped to 17.58
percent in the week under review, compared to 20.2 percent in the
earlier week.
The index for fuels was almost unchanged at 11.53 percent,
compared to 11.63 percent in the previous week.
The government is expected to announce measures to combat rising
food prices Thursday. These include withdrawing some decisions
like export of 500,000 tonnes of sugar and hiking the prices of
wheat and rice sold through the public distribution system to
families above the poverty line.
If these measure work and food inflation, which is feared to
spread to non-food items as well, comes down then the Reserve Bank
of India will not be forced to raise key interest rates -- a major
worry of India Inc.
The following are the yearly rise and fall in prices of some main
commodities that form the sub-index for food articles:
Onions: 70.7 percent
Vegetables: 70.73 percent
Fruits: 17.71 percent
Potatoes: (-)1.67 percent
Milk: 13.2 percent
Eggs, meat, fish: 16.7 percent
Cereals: (-)0.12 percent
Rice: 1.34 percent
Wheat: (-)4.87 percent
Pulses: (-)14.84 percent
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