Inflation drops to 6.5 percent

Friday, 31 December 2004, 08:00 Hrs
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NEW DELHI: The annual rate of inflation based on wholesale prices fell for the fourth successive week to 6.50 percent for the week ended December 18, from 6.73 percent for the week before, official data showed Friday.

The 0.23-percentage point drop in the official wholesale price index during the week under review is attributed to lower process of food articles, edible oils, manufactured products, the data showed. The fuels index remained unchanged.

The inflation rate now stands at the level forecast by the Reserve Bank of India for the current fiscal, which was revised to 6.50 percent in October during the mid-year review of the credit policy, from 5.5 percent projected in May.

Earlier in December, Finance Minister P. Chidambaram had told parliament that the "worst was over" on inflation front, adding that prices had begun to moderate since the easing of international crude prices.

"We should try and aim to push inflation below four percent, if possible below three percent," Chidambaram had said. Bumper winter harvests would help to curb inflationary pressure and help moderate food prices, he said.


Source: IANS
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