The Telegraph
Since 1st March, 1999
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Inflation falls below 5 per cent

New Delhi, Oct. 24 (PTI): A marginal drop in prices of edible oil and manufactured products brought down the inflation rate to 4.95 per cent during the week ended October 11, 2003.

The inflation had inched up to 5.08 per cent last week on account of a sharp 10 per cent increase in the prices of vegetables coupled with costlier primary products, fuel and manufactured products.

The index for the major fuel, power, light and lubricants group rose 0.7 per cent to 254.8 (provisional) from 253.1 (provisional) for the previous week due to higher prices of coke (12 per cent) and electricity (2 per cent), according to figures released by the ministry of commerce and industry.

The index for ‘food products’ sub-group under the major manufactured products group showed a decline by 0.1 per cent due to a 4 per cent decline in prices of extracted groundnut oil, 2 per cent decline in imported edible oil besides lowering of prices of rice bran oil, hydrogenated vanaspati, gingelly oil and sugar by 1 per cent each.

The ‘textiles’ group also came down by 1.3 per cent due to lower prices of cotton yarn hanks (6 per cent) and texturised yarn (2 per cent). However, the prices of polyster staple fibre rose by 3 per cent, the ministry release said.

Higher prices of enamels (4 per cent) and tooth paste (2 per cent) pushed up the ‘chemicals and chemical products’ group by 0.1 per cent. The index for ‘basic metal alloys and metal products’ group declined by 0.1 per cent due to lower prices of aluminium foils (3 per cent).

However, the index for the ‘food articles’ group under the ‘primary articles’ group rose by 0.2 per cent due to higher prices of masur (4 per cent), arhar and bajra (2 per cent each) and eggs, fruits and vegetables, gram, wheat and ragi (1 per cent each).

The prices of fish-marine (3 per cent), maize, fish-inland and moong (2 per cent each) and jowar, condiments and spices and barley (1 per cent each), however, declined in the group, the official figures stated.

Lower prices of soyabean (7 per cent), gingelly seed (4 per cent), copra (3 per cent) and niger seed, castor seed, groundnut seed and raw cotton (1 per cent each) helped in the non-food articles group registering a decline by 0.5 per cent. However, the prices of tobacco (6 per cent), raw rubber and raw jute (2 per cent each) and safflower (kardi seed) and rape and mustard seed (1 per cent each) moved up.

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