Inflation touches double digit at 11.05% : ET

Inflation touches double digit at 11.05%


NEW DELHI: Surging food and fuel prices further pushed up inflation to 11.05 per cent for the week ended June 7, 2008 from 8.75 per cent in the previous week. A day earlier, a poll estimated the annual inflation rate to have jumped to 13-year highs near 10 per cent in early June, powered by a fuel price rise. The wholesale price index is forecast to have risen to 9.82 per cent in the 12 months to June 7, which would be the highest since June 3, 1995, when annual inflation was at 9.89 per cent.

The forecasts from 12 analysts ranged widely from 9.63 per cent to 10.62 per cent, and compared with an annual rise of 8.75 per cent in the previous week. Four economists in the poll estimated the data to come in at above 10 per cent, its first double-digit reading since May 27, 1995. It would be the 17th consecutive week that inflation rate has been above 5.5 per cent, the central bank’s target by the end of the fiscal year in March 2009. India had raised state-set fuel prices by about 10 per cent on June 4, and the RBI last week raised its key lending rate for the first time in more than a year to contain inflation expectations.


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