Annual food inflation up at 17.4 percent

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SME Times News Bureau | 28 Jan, 2010
Annual food inflation based on wholesale prices rose to 17.4 percent for the week ended Jan 16 from 16.81 percent the week before, according to official statistics released Thursday.

Essential items continued to rule firm, with potatoes dearer by 57.56 percent over the past 52 weeks, pulses up 46.87 percent, and vegetables costlier by 10.5 percent. But prices of onions declined 1.69 percent.

The limited data on the wholesale index released by the commerce and industry ministry further showed that while the index for primary articles rose 14.66 percent, that for fuels fell 5.28 percent.

India's overall inflation rate, based on the wholesale prices index, had risen sharply to 7.31 percent in December from 4.78 percent the previous month mainly on account of increasing food prices. The food index was up 19.17 percent.

The price rise of some essential food items over the 52-week period are:

- Potatoes: 57.56 percent
- Pulses: 46.87 percent
- Cereals: 14.06 percent
- Rice: 12.60 percent
- Milk: 13.95 percent
- Wheat: 14.48 percent
- Vegetables: 10.5 percent
- Fruits: 4.17 percent

Finance Minister Pranab Mukherjee said last week high inflation was a matter of concern and that the government was monitoring the situation, even as Agriculture Minister Sharad Pawar said prices of essential items would start coming down in 8-10 days.

Prime Minister Manmohan Singh is slated to discuss the issue of price rise with state chief ministers Feb 6. The meeting was earlier scheduled for Jan 27.