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Indian headline inflation reaches 10.55% in June

07-14-2010 15:55 BJT Special Report:Global Financial Crisis |

MUMBAI, July 14 (Xinhua) -- Indian headline inflation edged up to 10.55 percent in June from 10.16 percent in May, less than expectation of 10.8 percent by economists, said a release by the Ministry of Commerce and Industry Wednesday.

The growth of food articles price slowed to 14.6 percent in June from 16.49 percent in May, bringing some relief to the government.

Still, the price with fuel and manufactured products continue to move up to 14.32 percent and 6.66 percent from 13.5 percent and 6.41 percent in the previous month, due to fuel deregulation and pricier raw materials.

Meanwhile, the price growth of April was revised upward from 9. 59 percent to 11.23 percent, higher from 11.04 percent in March.

C. Rangarajan, chairman of the Economic Advisory Council to the Prime Minister said that inflation now is the major concern of India's central bank and its No. one task is to contain inflation.

Indian central bank is expected to continue to hike interest rates by another 25 basis points on the scheduled policy meeting on July 27, despite drop of industrial production in May.

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Editor:Jin Lin |Source: Xinhua

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