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Inflation surges to 12.44%

NEW DELHI: After a brief halt, inflation surged to touch 12.44 per cent for the week ended August 2 from 12.01 per cent a week ago, despite the concerted efforts of the government and the Reserve Bank of India to hold the price line.

The sudden spurt in the Wholesale Price Index (WPI)-based inflation was largely driven by higher fruit and fuel prices, coupled with certain items turning dearer in the manufactured goods category.

The Finance Ministry, in a statement said: “The rate of inflation for all commodities for the week ended August 2, 2008, stands at 12.44 per cent, higher than the rate of 12.01 per cent reported last week.

“After being nearly stable for four weeks, this rise has come as a major disappointment.”

The WPI data came a day after the Prime Minister’s Economic Advisory Council’s projection of 13 per cent in the near term.

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