Monday, Jan 31, 2005
Monday, Jan 31, 2005 |
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By Our Special Correspondent
NEW DELHI, JAN. 30. The economic think tank, the National Council of Applied Economic Research (NCAER), expects the year to end with inflation in the range of 6.5 to 6.7 per cent though price rise has already dipped to less than six per cent in recent weeks. In its quarterly review of the economy, it says the "market expectations have still not subsided." The NCAER's forecast is higher than that of the Reserve Bank of India which predicted that inflation would moderate to around 6.5 per cent by the March-end this year from a peak of 8.74 per cent in August last. It commends the RBI steps to keep inflationary pressures under check by using those instruments that affect liquidity in the banking system without directly raise the cost of borrowing. It says these measures have paid dividends. At the same time, "the optimistic view is that the year-end inflation would be in the range of 6.5- 6.7 per cent." Core inflation, measured by excluding food articles and some administered commodities from the wholesale price index basket, has been on the rise since May last. At the end of November 2004, the core inflation stood at 10.4 per cent, which is higher than the average index-based inflation.
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