Inflation eases below seven percent

Friday, 24 December 2004, 08:00 Hrs
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NEW DELHI : Lower food and energy prices helped ease India's annual rate of inflation, based on wholesale prices, to below seven percent for the first time in six months, official data showed Friday.

Continuing its fall for the third consecutive week, inflation dipped to 6.73 percent from 7.02 percent in the week ended Dec 11 mainly due to cheaper vegetables and fuels, the data showed.

During the week under review, seasonal factors led to vegetables, fish, eggs and fruits becoming cheaper though coarse grains became dearer.

The inflation rate is expected to fall further in coming weeks when cheaper winter vegetables and other farm produce arrive in the market.

Finance Minister P. Chidambaram had earlier this month stressed the government would make an effort to tame the inflation rate to under four percent soon.

According to the Reserve Bank of India, inflationary pressures are expected to moderate over the coming months to around 6.5 percent, in line with projections made in the mid-term annual policy review, with the easing of oil prices and improved prospects of the rabi (summer) crop.

Source: IANS
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