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Rate of inflation shoots past 3 per cent

New Delhi, Aug. 25 (PTI): The inflation rate touched a new high this year, crossing the 3 per cent mark in the week ended August 10, due to rise in prices of cereals, gram, vegetable oil, fodder, processed tea, cotton, textiles, minerals and metals.

Based on the wholesale price index (WPI), inflation surged to 3.03 per cent from 2.66 per cent in the previous week but was still lower than 5.54 per cent a year ago.

WPI for all commodities rose by 0.4 per cent during the week to a provisional figure of 166.7 points from 166.1 in the previous week and 161.8 a year ago. The final WPI during week-ended June 15 stood at 165 as against the provisional figure of 164.3 while final inflation rate was at 2.48 as against the provisional estimate of 2.05 per cent.

The overall price level surged on account of 0.4 per cent rise in each of the primary articles and manufactured products although fuel prices were stable.

Primary articles’ index increased to 174.2 from 173.5 in the previous week and 170.1 a year ago, mainly due to a 2.4 per cent rise in mineral prices and 1.3 per cent hike in non-food articles.

Fuel, power, light and lubricants group index remained static at previous week’s level of 238.7 but was higher than 226.1 a year ago.

Manufactured products group index went up to 148 from 147.4 in previous week and 144.6 a year ago, due to rise in prices of textiles, food products, paper, chemicals, basic metals and alloys, machinery and machine tools.

Food products group index rose by 0.3 per cent to 154.3 from 153.9 in the previous week, due to costly processed tea (42 per cent), solvent extracted groundnut oil (4 per cent), hydrogenated vanaspati, gingelly oil, rice bran oil (3 per cent each), khandsari, sunflower oil, cattle feed (2 per cent each), ghee, bread and buns, coconut oil, groundnut oil and malted food (1 per cent each).

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