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The government is hopeful
of
controlling inflation under the 13% mark as wheat and rice stock
position was comfortable and prices of some food items are coming
down.
"I don't think that
inflation will
cross the 13% mark...We are hopeful that actual inflation will start
coming down," Union Commerce Secretary G K Pillai said. "Prices
of quite a number of food items have come down...The international
prices of maize have declined considerably."
According to Pillai, pulses
imports
have started coming in and the government had started a scheme of
providing both pulses and edible oil at a subsidised rate.
The cabinet committee on
prices is
taking the stock of the situation. The committee of secretaries is
meeting regularly on the issue, Pillai informed.
Earlier, the annual rate of
inflation
based on the wholesale price index touched 16-year high 12.63% during
the week ended August 9, up 0.19% from 12.44 in the previous week,
as prices continued to increase.
According to official data,
the current
rise has been mainly due to rising prices of food items like fruits,
vegetables and milk during the period. Prices of commodities like
tea, pulses, cotton yarn and cement have also increased.
Last year during the
corresponding
week, inflation was 4.24%. (Source: Business Standard, Domain-b.com)
August 22, 2008
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