NEW DELHI: (PTI) Continuing the upward streak, inflation rose further to a new 13-year high of 12.63 per cent for the week ended August 9 owing to rising prices of food articles like vegetables, pulses and milk.
Inflation rose by 0.19 per cent from 12.44 per cent in the previous week. It stood at 4.24 per cent in the corresponding period in 2007.
"Annual inflation of 30 essential commodities, however, continues to be range bound between 5.7 per cent and 6.7 per cent in 19 weeks of the current fiscal," said a finance ministry statement.
The statement further said that prices of certain essential commodities like foodgrains, pulses, edible oils, vegetables and dairy products have more or less stabilised.
Crisil Principal Economist D K Joshi, however, said food items have been showing some vulnerability probably on account of poor monsoons in early period in some parts of the country.
"Fruits and vegetables are a seasonal phenomenon so there is not much to worry about it. They will correct themselves", he added.
He also said that in the coming weeks rate of price rise could further go up. "Inflation, I think, has already reached 13 per cent mark if we take into account the revised figures."
During the week, tea became costlier by two per cent and milk turned expensive by one per cent. The prices of pulses and mustard oil to firmed up by one per cent each.
While prices of cotton yarn up by eight per cent during the week, polyester became dearer by seven per cent.
Prices of imported edible oil, however, declined by six per cent, while sunflower oil too became cheaper by 2 per cent during the week.(PTI)
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