Inflation slips to 11.44 % on falling oil prices | business | Hindustan Times
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Inflation slips to 11.44 % on falling oil prices

business Updated: Oct 16, 2008 12:19 IST
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Inflation fell to 11.44 per cent for the week ending October 4 on account of decline in oil prices and manufactured goods, giving some respite to the government which is battling the impact of global meltdown.

The inflation was 11.80 per cent a week ago.

The index for fuel prices declined by 1.1 per cent on account of lower prices of naphtha, aviation turbine fuel and furnace oil.

The inflation figures were released in the first half of the day, as against the normal practice of making the data public on Thursday evening, even as the stock markets tumbled by over 700 points by mid-day today.

The rate of price rise eased mainly on account of prices of those petroleum goods which are linked to international crude prices that declined to below USD 75 a barrel in recent weeks.

The prices of naphtha during the week declined by 11 per cent, aviation fuel by 6 per cent and furnace oil 5 per cent. Bitumen, however, became dearer by 4 per cent.

In the manufactured goods category, the index, measured movement in the wholesale prices, declined by 0.5 per cent on account of cheaper imported edible oil, steel, pig iron and lead ingots.

However, in the foods category, several items like fruits and vegetables, pulses and cereals became dearer during the week.

The index for the week ending September August 9 was revised up at 12.82 per cent as against the provisional figure of 12.63 per cent.