India's inflation rate surges past 12 percent, credit tightening seen
India's wholesale price index (WPI)-based inflation rate has surged past the psychological 12 percent mark, to hit a record 13-year high of 12.01 percent in the 12 months to July 26, higher than previous week's figure of 11.98 percent, government data showed on Thursday, sparking worries that there would be no respite from tightening monetary policy.
The annual rate of inflation, a year earlier, stood at 4.70 percent.
During the week under review, the index for the 'Primary Articles' group, which carries weight of 22.02 percent on the WPI, rose by 0.1 percent.
The index for 'Food Articles' group rose marginally, driven by higher prices of moong (up 4 percent), marine fish (up 2 percent) and maize and condiments & spices (up 1 percent each). However, the prices of bajra declined 1 percent.
The index for 'Non-Food Articles' group rose by 0.4 percent, driven by higher prices of castor seed ( up 6 percent), raw tobacco (up 5 percent) and copra and raw cotton (up 2 percent). However, the prices of niger seed and groundnut slipped 5 percent and 1 percent respectively.
The index for 'Minerals' group declined by 0.6 percent, dragged by fall in prices of barytes (down 23 percent), steatite (down 15 percent) and iron ore and fireclay (down 1 percent each). However, the prices of gypsum, phosphorite, fluorite and silica sand advanced 48 percent, 27 percent, 21 percent and 9 percent respectively.
The index for the 'Fuel, Power, Light and Lubricants' group, which carries weight of 14.23 percent on the WPI, jumped by 0.2 percent, driven by higher prices of furnace oil (up 3 percent).
The index for the 'Manufactured Products' group, which carries a weight of 63.75 percent on WPI, rose by 0.1 percent.
The index for 'Food Products' group rose by 0.1 percent due to higher prices of gingelly oil (up 3 percent) and gur (up 1 percent). However, the prices of cottonseed oil and groundnut oil declined 3 percent and 2 percent respectively.
The index for 'Textiles' group rose sharply by 0.4 percent, driven by higher prices of woolen yarn (up 8 percent), woolen cloth (up 6 percent), hessian & sacking bags (up 2 percent) and cotton yarn-'hanks (up 1 percent).
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