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Inflation rises to 4.62 %
By agencies
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Friday, 30 December 2005, 20:30 IST
NEW DELHI:Inflation rose to 4.62 percent for the week ended December 17, from 4.5 percent in the previous week mainly due to costlier fuel and non-food items.
Increase in prices of naphtha, furnace oil, bitumen, cottonseed, fodder, soybean, coconut oil, gur and pork pushed up inflation marginally to 4.62 percent, but it was much lower than 6.44 percent in the year ago period. Wholesale Price Index declined by 0.2 percent to 197.1 points due to fall in prices of fruits & vegetables, condiments & spices, urad, tobacco groundnut seed, mustard seed, some edible oils, iron steel, complete engines and color TV sets. It was 188.4 points a year ago.
During the week under review, world oil prices tumbled to $58.06 a barrel on forecasts of warmer weather in the United States.
But domestic petrol and diesel prices were stable as government preferred wait and watch policy due to volatility in the international crude oil prices that has contributed most to inflation in India in 2005.
Government and Reserve Bank of India are watching the price situation in the country as they intend to check inflation within the range of 5-5.5 percent till the financial year end.