Food inflation close to double digits, grave concern: Pranab | business | Hindustan Times
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Food inflation close to double digits, grave concern: Pranab

Finance minister Pranab Mukherjee today described the latest rise in food inflation toward the double-digit mark as an area of "grave concern".

business Updated: Sep 29, 2011 14:13 IST

Finance minister Pranab Mukherjee on Thursday described the latest rise in food inflation toward the double-digit mark as an area of "grave concern".

"Food inflation has gone up and it is perilously close to double digits... Food prices are an area of major and grave concern," he told reporters in New Delhi.

Food inflation jumped to 9.13% for the week ended September 17 from 8.84% in the previous week, mainly due to a rise in prices of potatoes, pulses and poultry.

As per today's data, prices of gram, masoor, arhar, urad and poultry firmed up on an annual basis. Potato prices, too, firmed up by about 15% on an annual basis.

In the week ended September 10, food inflation declined to 8.84% from 9.47% in the previous week.

"These fluctuations are taking place and it is one of the areas of grave concern," Mukherjee told reporters, adding, "(Food inflation)... is perilously close to double digits."

The WPI for non-food articles has come down sharply from 17.42% to 12.89% during the week. "As a result, WPI inflation in primary articles has declined. But fuel and power, light and lubricants, they have also contributed (to rising inflation)," he said.