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Indian inflation hit 12-month high at 9.78 pct in August

09-14-2011 15:20 BJT

MUMBAI, Sept. 14 (Xinhua) - Indian headline inflation inched up to 9.78 percent in August from 9.22 in July and marks the highest since last August, according to a statement by Indian Ministry of Commerce and Industry on Wednesday.

The inflation figure is in line with market expectation and could trigger another interest rate hike by Indian central bank on this Friday.

All of three main sectors saw higher inflation from one month earlier, indicating an overall worsening of inflation situation.

Primary articles posted 12.58 percent of price growth from 11.3 one month earlier, due to pricier vegetables, potato, onion, fruits and fibers.

Particularly, onion prices had 45.29 percent of year-on-year growth in August compared with 26.96 percent in July.

The inflation with fuel and power sector moved up to 12.84 percent from 12.04 percent in the previous month with ongoing transmission from earlier hikes of product oil.

The manufacturing products sector reported 7.79 percent of inflation higher from 7.49 percent in July, resulting from higher prices of sugar, foods products, transport equipment and others.

Meanwhile, the inflation with cotton textile, man-made textile, paper products, wheat, milk and minerals eased from July.

Plus, the inflation in June was revised up to 9.51 percent to 9. 44 percent. Indian high-rank officials have expressed their desire for no more increase of interest rate on concerns of economic slowdown.

Asian Development Bank Wednesday cut its economic growth forecast for India to 7.9 percent in 2011 from 8.2 percent and to 8.3 percent from 8.8 percent in 2012.

Indian central bank has raised key interest rates 11 times since last March in order to curb the stubborn inflation.

 

Editor:Zhang Rui |Source: Xinhua

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