Overall inflation soars to 9.78% in August
Headline inflation inched closer to the double-digit mark in August, rising to 9.78 per cent on the back of soaring prices of food and manufactured products, which may prompt the RBI to continue with its monetary tightening policy.
Overall inflation, as measured by the Wholesale Price Index (WPI), stood at 9.22 per cent in July. The rate of price rise stood at 8.87 per cent in August, 2010.
As per data released by the government on Wednesday, the overall inflation figure for June this year has been revised upward to 9.51 per cent from the provisional estimate of 9.44 per cent.
On an annual basis, food items became 9.62 per cent more expensive during the month under review.
Onions grew 45.29 per cent costlier, while fruit prices were up 22.82 per cent and the rates for potatoes rose by 12.53 per cent.
Overall, vegetable prices witnessed 11.80 per cent inflation during August, 2011. Inflation in overall primary articles, which have a share of over 20 per cent in the WPI basket, stood at 12.58 per cent in the month under review.
Non-food primary articles, which include fibres, oil seeds and minerals, became dearer by 17.75 per cent.
Prices of manufactured products, which have a weight of around 65 per cent in the WPI basket, went up by 7.79 per cent year-on-year in August.
Inflation in manufactured products has been steadily rising since February this year, when it crossed the 6 per cent-mark.
Among manufactured items, edible oil became dearer by 12.94 per cent, tobacco product prices rose by 13.17 per cent, cotton textiles grew 16.86 per cent more expensive and wood and wood products were 9.72 per cent costlier year-on-year.
Post new comment