Thursday, June 26, 2008
Inflation seen at 11.18 per cent on June 14
Mumbai, June 26: India's annual inflation rate is expected to have
jumped to a fresh 13-year high in mid-June as the effect of higher
fuel prices spread to the broader Economy, a Reuters poll showed on
Thursday.
The wholesale price index is forecast to have risen to 11.18 percent
in the 12 months to June 14, which would be the highest since April 8,
1995, when annual inflation was at the same level.
Annual inflation, which hit 11.05 percent in early June, is expected
to remain in double digits for some time, a senior finance ministry
official told Reuters on Wednesday, adding it was difficult to predict
when it would peak.
It would be the 18th consecutive week that the inflation rate has been
above 5.5 percent, the central bank's target by the end of the fiscal
year in March 2009.
The data is due around noon (0630 GMT) on Friday.
On Tuesday, the central bank raised its main lending rate and the
proportion of deposits that banks must keep with the central bank, by
50 basis points each, to help rein in the galloping inflation rate
that has more than doubled since mid-February.
It was the second time rate increase this month after India had raised
state-set fuel prices by about 10 percent on June 4.
The wholesale price index is more closely watched than the consumer
price index (CPI) because it includes more products and is also
published weekly. The CPI is released monthly.
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