Inflation no more confined to food items: Pranab
India's inflation is no longer confined to food items, Finance Minister Pranab Mukherjee said today.business Updated: Jul 20, 2010 18:35 IST
India's inflation is no longer confined to food items, Finance Minister Pranab Mukherjee said on Tuesday.
Mukherjee said inflation was a matter of concern but food inflation was likely to moderate after the summer harvest.
While the Indian economy is on track to grow at 8.5 per cent in the current fiscal year that ends in March 2011, it is grappling with a double-digit headline inflation.
At 10.55 per cent, India's annual wholesale price inflation in June remained above 10 per cent for the fifth straight month and financial markets widely expect India's central bank to raise interest rates by 25 basis points at its scheduled policy review on July 27.