New Delhi: The WPI-based inflation fell to 4.7 per cent in May, driven mainly by declining prices of manufactured items, even as prices of food articles inched up. Inflation based on the Wholesale Price Index (WPI) stood at 4.89 per cent in April. In May, 2012, it was 7.55 per cent. As per official data released on Friday, WPI inflation in the manufactured items category declined to 3.11 per cent in May from 3.41 per cent in April.
The non-food articles category, which include fibre, oil seeds and minerals, saw sharp decline in inflation to 4.88 per cent, from 7.59 per cent in April. However, inflation in food articles category, which has a 14.34 per cent share in the WPI basket, rose to 8.25 per cent in May. Inflation in this category was at 6.08 per cent in April. The rise in food inflation was on account of increase in prices of onions, vegetables, cereals and protein-based items.
Inflation in vegetables stood at 4.85 per cent in May, against (-)9.05 per cent in the previous month. The rate of price rise in onion was high at 97.40 per cent for the month, as against inflation rate of 91.69 per cent in April.
Inflation for March was revised downwards to 5.65 per cent from 5.96 per cent as per provisional estimates. The inflation data would be closely watched by the Reserve Bank while formulating its mid-quarter policy which is scheduled on Monday. There have been demands for
12:24 PM, Jun 14, 2013
New Delhi: The government will initiate a number of reforms such as lifting the cap on foreign direct investments in the coming weeks to spur growth, Finance Minister P Chidambaram said on Thursday. "I expect a number of decisions in the next few days and weeks. In June, you can expect a number of decisions taken and implemented that will accelerate reforms and spur investments in critical sectors," Chidambaram said...
04:15 AM, Jun 14, 2013
New Delhi: Falling for the third straight month, retail inflation stood at 9.31 per cent in May due to easing of prices of edible oil and protein-based items, even as vegetable prices inched up sharply. The Consumer Price Index (CPI) based inflation stood at 9.39 per cent in April. It was 10.39 per cent in March. The overall food and beverages segment saw an inflation of 10.65 per cent in...
11:59 AM, Jun 12, 2013
Jaipur: Pitching for cut in policy rates, country's largest bank SBI on Friday said the Reserve Bank should now focus on growth as inflation has eased. "In my opinion, this is the time to focus on growth because a lot of ... has been done for inflation control and the level of inflation is not that high now," State Bank of India Chairman Pratip Chaudhuri told reporters in Jaipur. RBI...
02:23 AM, Jun 08, 2013
Siliguri: The BJP will put up candidates in almost all the seats in the coming panchayat polls in West Bengal, senior party leader Prakash Javadekar said on Saturday. "We will put up candidates in all the seats in the panchayat polls in West Bengal. We will also do well in the polls," Javadekar, the BJP official Spokesperson told reporters in Siliguri. We will do well in the panchayat polls as...
01:24 AM, Jun 02, 2013
Ahmedabad: The Reserve Bank of India's Governor Duvvuri Subbarao said on Thursday that retail inflation in India is still high. India's annual consumer price inflation slowed for the second straight month in April to 9.39 per cent, but is still higher than April's headline inflation of 4.89 per cent. ...
06:20 PM, May 30, 2013
Mumbai: Finance Minister P Chidambaram on Friday asked countrymen to contain their "uncontrolled passion" for gold and instead save in financial instruments. "Have faith in our financial sector. Unfortunately, we have difficulty shedding our old habits and put our money in gold," he said while speaking at an event to mark the platinum anniversary celebrations of state-run Dena Bank. "The uncontrolled passion for gold must be contained," Chidambaram said and...
02:03 AM, May 25, 2013
Mumbai: Reserve Bank of India (RBI) Governor Duvvuri Subbarao went against the suggestion of a majority of external members of the central bank's monetary policy committee that recommended no change in the policy repo rate at a May 3 policy meeting, according to minutes of the meeting seen by Reuters. The RBI cut the key policy repo rate for a third straight time in 2013 to 7.25 per cent, pulling...
02:26 AM, May 24, 2013
New Delhi: Taking a cue from the continued downward surprises in inflation and sluggish growth indicators, the Reserve Bank of India is likely to go for further monetary easing in its June 17 policy meet, global investment banking majors have said. The headline wholesale inflation fell to 41-month low in April (4.89 per cent), dropping within the central bank's comfort zone of less than 5 per cent and fuelling market...
10:40 AM, May 19, 2013
Frankfurt: The Reserve Bank of India (RBI) has said it would take into account falling inflation while deciding on policy initiative in its review next month. "We certainly will take note of the softening of inflation and the external payments situation in the next mid-quarter policy statement on June 17," RBI Governor D Subbarao said at an event in Frankfurt on Tuesday. He said he was happy to see that...
05:35 PM, May 15, 2013
Frankfurt: The Reserve Bank of India will take note of falling inflation when discussing potential interest rate cuts, the central bank's Governor Duvvuri Subbarao said on Tuesday, adding he was very happy about the falling inflation. Asked about potential interest rate cuts in light of falling inflation, Subbarao said they would be taken into account and in future central bankers "will take note of softening inflation." The headline wholesale inflation...
04:46 AM, May 15, 2013
New Delhi: The headline inflation dropped to its lowest since 2009 in the month of April at 4.89 per cent, a level seen comfortable for the RBI to persist with monetary easing to revive a flagging economy. April's reading is well below the 5.50 per cent estimated by analysts in a Reuters poll. The wholesale price index, India's main inflation measure, rose an annual 5.96 per cent in March. The...
12:21 PM, May 14, 2013
New Delhi: After better than expected industrial production numbers, which came at 2.5 per cent for the month of March, inflation has also hit a 13-month low. Consumer Price Index for the month of April is at 9.39 per cent against 10.39 per cent in March. Rural inflation was also seen going down at 9.16 per cent as compared to 10.41 per cent in March. Food prices for consumers rose...
12:40 PM, May 13, 2013
The diesel price was hiked by 90 paise on Friday. ...
09:22 PM, May 11, 2013
Milan: A Milan appeals court upheld a four-year sentence for tax fraud against former prime minister and centre-right leader Silvio Berlusconi on Wednesday, adding to the complications facing Italy's fragile coalition government. In addition to the jail sentence for tax fraud in connection with the purchase of broadcasting rights by his television network Mediaset, the court's ruling would also bar Berlusconi from holding public office for five years. However, neither...
07:40 AM, May 09, 2013
Srinagar: Dismissing the criticism that RBI's steps to check inflation have hurt growth, Reserve Bank Governor D Subbarao on Wednesday said the monetary authority has the responsibility to listen to "silent voices" of millions of people impacted by rising prices. "There is an important constituency in the country that is hurt by inflation. Their voice also needs to be heard. It is the responsibility of public policy institutions like the...
02:45 AM, May 09, 2013
Mumbai: Fast food chain McDonalds Corp plans to increase prices in India for the second time in 2013, responding to rising inflation which, along with an economic slowdown, it expects to temper demand growth for at least the next seven months. The company said on Tuesday it would raise prices by 5-6 per cent. That follows a 5 per cent hike after the government increased the service tax rate in...
07:59 PM, May 07, 2013
Mumbai: Inflation is likely to be range-bound and stay around the current levels in this financial year as supply-side issues, along with recent price adjustments in fuel prices, will offset the recent gains, the Reserve Bank of India said on Thursday. "Headline inflation in 2013-14 is expected to remain range-bound around the current levels," RBI said in its annual Macroeconomic and Monetary Developments report. "While sluggish global growth may dampen...
08:31 AM, May 03, 2013
Mumbai: The Reserve Bank of India (RBI) on Thursday warned of "very limited" space for further easing of monetary policy this fiscal year, striking a hawkish tone a day before it was expected to cut interest rates by 25 basis points for the third time in 2013. The central bank's cautious language in its report on macroeconomic and monetary developments could dent rising market hopes for RBI Governor Duvvuri Subbarao...
08:25 AM, May 03, 2013
Mumbai: Inflation is likely to be range-bound and stay around the current levels in this financial year as supply-side issues, along with recent price adjustments in fuel prices, will offset the recent gains, RBI said on Thursday. "Headline inflation in 2013-14 is expected to remain range-bound around the current levels," RBI said in its annual Macroeconomic and Monetary Developments report. It added: "While sluggish global growth may dampen global inflation...
12:59 AM, May 03, 2013
