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Plunging onion prices bring down inflation

Finally, the consumer gets respite, with the food inflation rate falling by 1.62% to the lowest levels in four months -9.01% for the week-ended November 12 - rekindling hopes that the price monster may be tamed.

business Updated: Nov 25, 2011 00:58 IST
HT Correspondent

Finally, the consumer gets respite, with the food inflation rate falling by 1.62% to the lowest levels in four months - 9.01% for the week-ended November 12 - rekindling hopes that the price monster may be tamed.

Food inflation, measured by the wholesale price index, was 10.63% in the previous week.

It was 11.38 % in the corresponding period in 2010. Onion prices fell by 32.85% during the week compared to the previous year on the back of enhanced supplies.

"If these trends continue for the next two weeks of November, I hope there will be moderation in inflation and it will have an impact on the year-end inflationary figures," finance minister Pranab Mukherjee told reporters in New Delhi.