Indian inflation rises but within central bank target
Sunday, 8 July 2007
NEW DELHI, July 7 (AFP): India's inflation rate jumped by a surprise tenth of a percentage point, snapping ten straight weeks of decline, but remained at a 14-month low, official data showed yesterday.
Inflation rose to 4.13 per cent for the week ended June 23, on the back of higher food costs, from 4.03 per cent a week earlier, but was lower than the 4.84 per cent registered a year ago, according to the wholesale price index, India's closely watched cost-of-living monitor.
This week's figure, which defied analysts' forecasts that it would remain flat, was still comfortably within the central bank's medium-term inflation target of 4.0 to 4.5 per cent and well below its goal of close to five per cent for the current financial year to March 2008.
Inflation rose to 4.13 per cent for the week ended June 23, on the back of higher food costs, from 4.03 per cent a week earlier, but was lower than the 4.84 per cent registered a year ago, according to the wholesale price index, India's closely watched cost-of-living monitor.
This week's figure, which defied analysts' forecasts that it would remain flat, was still comfortably within the central bank's medium-term inflation target of 4.0 to 4.5 per cent and well below its goal of close to five per cent for the current financial year to March 2008.