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  3. India’s food inflation eased to 11.81% for week ended on 29 October

India’s food inflation eased to 11.81% for week ended on 29 October

11 Nov 2011 Evaluate
India’s weekly food inflation measured by the Wholesale Price Index (WPI), eased to 11.81% for week ended on 29 October compare to 12.21% in the last week. This decline in food inflation after 4 successive increases is mainly because of decline in prices of decline in vegetables, wheat, onion and poultry products.

According to the data released by the Ministry of Commerce and Industry, the index for ‘Food Articles’ group declined by 0.2 % to 201.7 (Provisional) from 202.2  (Provisional) for the previous week due to lower prices of fish-inland (3%), bajra (2%) and fruits & vegetables, moong and condiments & spices (1% each).  However, the prices of gram, egg, fish-marine, ragi and poultry chicken (2% each) and maize, urad and tea (1% each) moved up.

However, The index for ‘Food Articles’ group declined by 0.2 % to 201.7 (Provisional) from 202.2  (Provisional) for the previous week due to lower prices of fish-inland (3%), bajra (2%) and fruits & vegetables, moong and condiments & spices (1% each).  However, the prices of gram, egg, fish-marine, ragi and poultry chicken (2% each) and maize, urad and tea (1% each) moved up.

As a result the index for ‘Primary Articles’ which account for 20.12% of the WPI declined by 0.1 % to 204.7 (Provisional) from 205.0 (Provisional) for the previous week. The annual rate of inflation, calculated on point to point basis, stood at 11.43 % (Provisional) for the week ended 29 October as compared to 12.08 % (Provisional) for the previous week.

Meanwhile, the index for ‘Fuel and Power’ group, which account for 14.91% of WPI, remained unchanged at their previous week`s level of 169.8 (Provisional) and 14.50 % (Provisional) for the week ended 29 October.

Earlier in this week, stating food inflation in India as matter of great concern Finance Minister had said “The recent spike in inflation for the last three weeks...principle reason is that the demand for eggs, meat, vegetables and milk has increased."

Despite the marginal decline in food inflation, it is hovering close to 12% mark, which is almost double the Reserve Bank of India’s comfort zone. However, RBI expects inflation to start getting moderate from December. 
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