Inflation up at 4.33%

After falling for six successive weeks, inflation rose marginally by 0.11 per cent to 4.33 per cent during the week ended June 11 due to cos...

After falling for six successive weeks, inflation rose marginally by 0.11 per cent to 4.33 per cent during the week ended June 11 due to costlier vegetables and fruits.

The point-to-point wholesale price index (WPI) inflation rose from the previous week’s 4.22 per cent. It was as high as 6.58 per cent in the year ago period.

Market analysts are of the view that this is just the beginning of the upward movement in inflation. The major impact of the recent steep hike in petrol and diesel prices are likely to be felt soon.

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However, the finance ministry is of the view that the impact of petrol diesel price hike on inflation will be minimal.

WPI rose by 0.1 per cent to 192.6 points due to costlier primary articles, even as fuel and manufactured prices stood unchanged. The index was 184.6 points in the year ago period.

During the week in review, global oil prices ranged between around $54-55 a barrel.

The government revised upwards inflation to 5.91 per cent during the week ended April 16 compared to the provisional estimate of 5.64 per cent, while WPI stood corrected at 191.7 points as against provisional level of 191.2 points. The index of mass consumption primary articles’ group was up 0.3 per cent to 189.7 points.

Food articles’ group index increased by 0.5 per cent.

Aiyar No to price hike rollback

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NEW DELHI: As crude oil prices soared to around $60 a barrel on Friday, Petroleum Minister Mani Shankar Aiyar ruled out a roll back in the hike of the petrol and diesel prices.

Aiyar told reporters in Dehradunthere is no possibility of any roll back of the hike in the petrol and diesel prices. The minister gave a detailed justification to the Consultative Committee on the reasons for the hike. — ENS