Inflation cracks 12 per cent mark
Inflation has crossed 12 per cent for the first time in over thirteen years as prices of food items continued to rise.business Updated: Aug 07, 2008 19:01 IST
Inflation broke through the psychological 12 per cent level, the highest in over thirteen years, as prices of pulses, spices, eggs, fish and meat among other things continued to rise.
The government on Thursday put the inflation for the week ended July 26 at 12.01 per cent, a marginal 0.03 per cent increase over that recorded in the previous week, even as the Finance Ministry said that the rate of price rise was "stable" on a week-on-week basis.
As per the data released on Thursday, prices of most of food articles went up, although some items like fruits showed downward trend, whose prices declined by 0.5 per cent, said official figures released today.
In its statement, the Ministry said out of a total 98 primary articles, prices of 18 have declined as compared to the previous week.
Finance Minister P Chidambaram had said at a meeting of Congress spokespersons that government was open to bringing more commodities under the futures trading ban. Eight farm commodities, including rice and wheat, are already banned for the purpose of forward trading.
Meanwhile, prices of iron and steel remained unchanged but cement prices marginally increased.
For the corresponding week, inflation stood at 4.70 per cent a year ago.