Food inflation in double-digit; onion, fruits stoke price rise!

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Courtesy: September 1, 2011 / PTI, New Delhi / DC. 

Food inflation entered the double- digit number after a gap of five months, at 10.05 per cent for the week ended August 20, as onion, fruits, vegetables and protein-based items turned more expensive.

Food inflation, as measured by the Wholesale Price Index (WPI), was 9.80 per cent in the previous week. The rate of price rise of food items was over 15 per cent during the same week last year.

This is the first time food inflation entered the double-digit mark since the week ended March 12, when it was at the same figure of 10.05 per cent.

As per the official data released today, prices of onion soared by 57.01 per cent year-on-year, while that of potato by 13.31 per cent during the week under review.

Fruits became dearer by 21.58 per cent and vegetables overall by 15.78 on an annual basis.

The prices of egg, meat and fish were up 12.62 per cent, while milk and cereals became dearer by 9.22 per cent and 4.64 per cent, respectively.

However, pulses became cheaper by 4.16 per cent and wheat by 2.52 per cent year-on-year.

Overall, primary articles recorded 12.93 per cent inflation for the week ended August 20, up from 12.40 per cent in the previous week. Primary articles have a share of over 20 per cent in the WPI.

However, inflation in non-food articles, which include fibres, oilseeds and minerals, stood at 17.19 per cent, down from 17.80 per cent in the previous week.

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INDIAN ECONOMY: GDP to grow by 8.5 per cent, fuel price hike not to impact deficit: Pranab!

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PTI / The Hindu /  WASHINGTON, June 29, 2011.

Finance Minister Pranab Mukherjee attends a news conference with Treasury Secretary Timothy Geithner, not pictured, at the U.S. Treasury Department in Washington. Photo: AP.

Exuding confidence that the economy will grow by 8.5 per cent in 2011-12, Finance Minister Pranab Mukherjee today said the recent hike in prices of petroleum products will not have much impact on the fiscal deficit.

Asked if he will consider rolling back the increase in prices of cooking gas (LPG), diesel and kerosene amidst demands from various quarters, the minister said, “No...No question of revoking (price hike)”.

As regards the impact of the decision to cut duties on the fiscal deficit, he said the shortfall would be made good by buoyancy in tax collection and improved compliance.

“I do not think so because this was the conscious decision... About Rs. 49,000 crore will be the shortfall in the duty. I think it would be possible for us to make it up through buoyancy and by better compliance,” Mr. Mukherjee said.

The government proposes to reduce fiscal deficit to 4.6 per cent of the GDP in 2011-12 from 4.7 per cent a year ago.

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http://www.thehindu.com/business/Economy/article2144562.ece

INDIAN INFLATION: Higher food prices are here to stay!

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PTI / The Hindu. 

In this file photo pulses are displayed at a shop New Delhi. Higher commodity prices could have a “devastating” impact on the poor in developing countries, an OECD-FAO joint report has said - AP.

Global food prices are expected to be higher in the 2011-20 period compared with the previous decade and this could have a “devastating” impact on the poor in developing countries, a report by the Organisation for Economic Cooperation and Development and the Food and Agriculture Organisation has said.

“Higher food prices and volatility in commodity markets are here to stay,” the OECD and the FAO said in a joint report released on Friday.

The report, OECD-FAO Agriculture Outlook for 2011-2020, noted that food prices are expected to fall from the current high level in the coming months on good harvest but the prices are expected to be higher in this decade than 2001-2010.

India is already facing the continual food inflation!

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