Inflation goes up further to 6.67%

NEW DELHI, June 14: The annual rate of inflation edged up further to 6.67 per cent for the week ended May 30 from 6.51 per cent a week ago.T...

NEW DELHI, June 14: The annual rate of inflation edged up further to 6.67 per cent for the week ended May 30 from 6.51 per cent a week ago.

This is the fifth successive week inflation has ruled above six per cent since the first week of May this year when it first breached the six per cent mark. The latest rise in the wholesale price index (WPI), which moved up by 0.1 per cent, follows a rise in prices of maize and ragi, rice, wheat, spices and tea, gingelly and kardi oil, baby food, beer, soft drinks and hessian.

Since the first week of February last year inflation has ruled below eight per cent, though economists now say the excise duty hikes proposed in the budget may lead to a return to these levels.

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However, the actual rate of price rise could be higher as inflation based on the consumer price index, considered a better yardstick for studying national-level price rise, stood at 8.2 per cent in April as against five per cent based on WPI.

Meanwhile, inflation based on the final index for the weekended April 4 stood at 5.3 per cent compared to the provisionally estimated 4.9 per cent. In sharp contrast, inflation rate, calculated on a point-to-point basis, stood at 5.57 per cent last year. During 1997, inflation had breached the six per cent mark twice in April.

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