Inflation down at 12.34% | business | Hindustan Times
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Inflation down at 12.34%

business Updated: Sep 04, 2008 21:25 IST

The country’s inflation rate is showing signs of cooling down, slipping to 12.34 per cent according to data released on Thursday. This brings a glimmer of hope for macro-economic managers grappling to contain prices while maintaining high economic growth.

The decline — the second in as many weeks — has largely been credited to a drop in the global crude prices and marginal easing of prices of essential goods such as fruits, vegetables, eggs, meat and fish.

The government said these were early signs of moderation in the price line. “We are down to 12.34 per cent. There is a downward movement. With the measures that we had taken, results are yielding and it will reduce more in future,” Commerce and Industry Minister Kamal Nath said.

The finance ministry said decline in the prices of rice, most of the pulses and mustard oil resulted in moderation of inflation rate for essential commodities.

The government and the Reserve Bank of India have announced a slew of measures including duty cuts and interest rates hikes, to control the inflation rate which had reached a high of 12.63 per cent two weeks ago.