NEW DELHI (Commodity Online) : India’s food inflation climbed above 15 percent mark as the RBI hiked key rates by an identical margin in July.
According to Commerce Ministry’s data, India's food price index rose 15.10 per cent while the fuel price index climbed 11.48 per cent, in the year to Sept 4, under a new series with different base year, components and weightings.
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food inflation as measured by the old series with 1993-94 as base year, stood at 11.47 per cent on the year while fuel inflation was at an annual 12.71 per cent.
These figures are not comparable with the latest data release. The primary articles index was up 16.22 per cent in the latest week. It rose 15.40 per cent in the previous week.
The wholesale price index, the most widely watched gauge of prices in India, rose 8.5 per cent in August, the first reading from the new data series.
India's central bank, the Reserve Bank of India raised its key short-term lending rate by 25 basis points and borrowing rate by 50 basis points to check rising prices.
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