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New Delhi, Jan. 5: The rate of inflation surged to 5.48 per cent during the week ended December 23, just short of the upper threshold of the Reserve Bank's projections for this fiscal.
The surge was triggered by high prices of some essential manufactured products, food items and minerals. The rate stood at 5.43 per cent in the previous week and 4.62 per cent in the corresponding period of the previous year.
Inflation at 5.48 per cent is this fiscal’s highest, according to provisional estimates. However, according to the revised estimates, inflation had already touched 5.61 per cent during the week ended October 21.
The RBI has projected the inflation rate to remain between 5-5.5 per cent this fiscal. The RBI’s move to raise CRR by 0.25 per cent was given effect on December 23, the last date of the period under review, so its full impact was not as perceptible. The move is likely to dampen inflation in the next week, according to analysts.
Broadly, bajra, maize, fish marine, wheat, ragi, sunflower, safflower, fire clay, black tea leaf, imported edible oil and rice bran oil became more expensive. On the other hand, prices of moong, barley, urad, gram, electricity, sugar and processed tea declined.
Vegetables, eggs, meat and fish became moderately costlier, while fruits prices fell marginally.
The wholesale price index (base 1993-94), on which the inflation data is based, rose by 0.1 per cent to 208 points during the week ended December 23 from 207.8 in the previous week.
Among food articles, bajra, maize and fish marine became dearer by 2 per cent each, while prices of wheat and ragi moved up by 1 per cent each. However, prices of jowar, moong, barley, urad and gram declined by 1 per cent each.
Prices of sunflower rose by 11 per cent, raw rubber and safflower by 8 per cent each and linseed and raw tobacco by 3 per cent each. However, the prices of raw jute and copra fell by 1 per cent each.
Among minerals, fire clay rose by 57 per cent, barytes by 17 per cent, magnesite by 5 per cent and iron ore by 1 per cent.
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