Inflation shows no signs of easing, further increasing the woes for the common man. India's inflation rate rose to 8.24%, official data showed on Friday.
The annual inflation rate rose to 8.24% per cent for the week ended May 24, up from 8.1 per cent in the previous week, according to the Wholesale Price Index. The average inflation figures for the week ended May 24 was seen at 8.36 per cent, according to an NDTV poll.
The latest inflation figures are close to the highest mark seen during the UPA regime. According to the provisional figures, the annual inflation rate for the week ended August 28, 2004, was 8.33 per cent.
The inflation figures are likely to further go up. Inflation numbers in India come in with a lag of around two weeks. The impact of the oil price hike would get reflected in the data released on June 20.
The recent oil price hike would increase inflation by 50 bps in near term, said Montek Singh Ahluwalia, deputy chairman of Planning Commission. However, he expressed optimism that inflation would soften in four months.
The finance minister, P Chidambaram, recently said that that food inflation would moderate on record procurement of wheat and rice. But he warned that global crude and commodity prices would continue to play a big role in cooling the overall prices.
BSE News
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