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The annual rate of inflation for the week ended November 21 this year for primary articles rose to 12.53% from 11.04% in the preceding week. It was 11.98% for the same week in the preceding year, data released by the Ministry of Commerce and Industry showed.
The annual rate of inflation for commodities in the broad group, "Fuel, Power, Light and Lubricants," for the previous week ended November 14 was minus 1.51%. Data for the week under review was not furnished. The inflation rate was 5.28% for the corresponding week a year ago.
Primary articles
The data indicate the index for this group, having a weightage of 22.0%, rose by 0.8% from the preceding week.
Among the sub-groups, the index for the "Food Articles" category rose by 1.0%, due to the higher prices of fish-inland (11%), pork (5%), fish-marine (4%), urad, masur, eggs and moong (2% each), maize, tea, fruits and vegetables, arhar and gram (1% each). However, the price of jowar (2%) declined.
The index for the 'Non-Food Articles' group rose by 0.3%, due to the higher prices of raw rubber, copra and cotton seed (2% each) and groundnut seed, raw silk and gingelly seed (1% each), whereas that of fodder (7%) and castor seed (3%) dropped.
Inflation for primary articles during this fiscal year so far increased to 12.53% from 11.98% in the corresponding period last year. The 52-week average inflation for the week ended November 21 was 8.01%, the data showed.
On an year-on-year basis, the rate of inflation for the 'Food Articles" group increased to 17.47% from 10.75% last year on the back of galloping potato prices in the past one year. Besides, prices of pulses and onion rose more than 25% in the wholesale market. The 52-week average inflation for the week ended November 21 was 11.32%, the data said.
The rate of inflation during the year for the 'Non-Food Articles" category was down significantly to 2.2% from 10.83% a year ago. The 52-week average inflation for the week ended November 21 was 1.10%.
Fuel, Power, Light & Lubricants
The index for this major group, with a weightage of 14.23%, for the week under review rose by 0.1% due to higher prices of aviation turbine fuel (3%) and furnace oil (1%).
The index for the 'Fuel, Power, Light & Lubricants' group during 2008-09 was 5.28%. Data for 2009-10 was not available. The 52-week average inflation for the week ended November 21 was minus 5.92%.
Finance Minister Pranab Mukherjee said Tuesday the country's current inflation trend was the result of a shortage of food items and not due to a demand-push factor. The weakest monsoon since 1972 and then floods in parts of the country have hurt farm output and pushed up food prices.
C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council and former Governor of the Reserve Bank of India, said in New Delhi Thursday that the food prices must be controlled through supply side measures and high inflation would require monetary action on liquidity.
The weekly release of WPI now only covers sub-groups of Primary articles and the fuel, power, light and lubricants, and does not cover data on overall inflation. The overall WPI inflation rate is now released monthly. The WPI for 'All Commodities' for October was 1.34%, compared with 0.50% a month ago.
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