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Inflation stands at 7.33% versus 7.14% for the week ended April 12. The market had estimated it at 7.29%.
The inflation rate for February 16 has been revised to 5.66% from 4.89%. The WPI for all commodities is up 0.1%, at 226.9.
The Prime Minister’s Office said that the government is taking all necessary steps to check the up trend in inflation. It said that the Government is confident about increasing the procurement of food grains and that there are indications of improved food production this year. The office said that Prime Minister is urging all political parties to eschew temptation of politicizing the misery of people and warns against creating an environment of scarcity which would only encourage speculators and hoarders.
Sanjaya Baru, Spokesperson, PMO said, “The delegation of Left parties met with the PM to discuss price rise. The PM assured the delegation that government is taking all steps to ensure that the recent uptrend in inflation is contained. Despite a difficult global situation with commodity prices skyrocketing, the government has been able to ensure that Indians are the least affected in the developing world. The government is confident of increasing procurement of food grains.”
Meanwhile the Finance Minister said that the inflation steps taken may lead to some slowdown in growth. He said that the government is thinking of administrative steps to contain inflation. Chidambaram said that the government will to take every possible measure to contain inflation and he is confident that inflation will ease over a period of time. Chidambaram also aid that inflation is largely driven by international prices and he aims to sustain the growth momentum with price stability.
More to come...
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523.55 3.99%