In an interactive session organised by the Bharat Chamber of Commerce, TCA Anant, chief statistician of India and secretary, Ministry of Statistics and Programme Implementation, said that the inflationary trend would continue for some more time.
“One should not forget that there is a new series of national accounts in place but the economy is the same,” he said. On the sidelines of the event, he told reporters that the Consumer Price Index (CPI) inflation would continue to come down.
He said that deflation would not set in, in the near future. “We have to be very careful about the use of words. You will not get deflation in the true sense of the word,” he said.
He added that sectors which have got a beating due to the economic turmoil will not get any better soon. “Because wholesale price index is negative, there are sectors which have seen a fall in their prices — those sectors will continue to be in pressure,” he said.
On CPI inflation he said that the markets were not integrated, there were several seasonal elements and lack of cold storage chain, all of which added to CPI inflation.
Referring to fall in oil prices, he said India didn’t have much to worry as it was not a major producer, but expressed concern over the falling prices of ores.
He had said that they had over-estimated the total contribution of trading sector in the manner of revision which they had been doing.