Inflation continues its upward spree

The previous high during the last two years was recorded at 6.47 per cent for the week ended April 12, 2003 as per the provisional figures, though final inflation had even touched 6.89 per cent during the week ended May 3, 2003.

The WPI was up marginally by 0.1 per cent to 184.6 points during the latest reported week with the index of manufactured products moving up and the index was 173.3 points a year ago.

Economists and market analysts expect that general price level would further harden if taken into account the impact of deficiency of rainfall in the agricultural sector.

The government revised upwards inflation to 4.96 per cent for the week ended May 15 compared with provisional level of 4.67 per cent.

The final WPI stood corrected at 182 points during the middle of May as against the provisional figure of 181.5 points.

The index of mass consumption primary articles’ group was down by 0.1 per cent to 185.1 points due to fall in the prices of food and non-food articles. The index was 180.5 points in the previous year.

Food articles’ group index declined by 0.1 per cent to 183.3 points owing to lower prices of beef and buffalo meat (7 per cent), condiments and spices (2 per cent) and maize and fruits and vegetables (1 per cent each).

However, prices rose for fish-marine (3 per cent), fish-inland and bajra (2 per cent each) and eggs and barley (1 per cent each).