India's double-digit inflation inches higher
Thursday, 15 July 2010
NEW DELHI, July 14 (AFP): India's double-digit inflation edged higher in June, touching an annual rate of 10.55 per cent, official data showed today, stoking pressure for another interest rate hike this month.
The inflation increase, which comes ahead of the central bank's quarterly policy meeting on July 27, was mainly due to a rise late last month in fuel costs as well as an increase in food prices, the data showed.
The wholesale price index, India's main cost-of-living measure, rose to 10.55 per cent from a year earlier after a 10.16 per cent increase in May.
High inflation is a lightning rod for political unhappiness in the country, where hundreds of millions of people live below the poverty line.
The inflation increase, which comes ahead of the central bank's quarterly policy meeting on July 27, was mainly due to a rise late last month in fuel costs as well as an increase in food prices, the data showed.
The wholesale price index, India's main cost-of-living measure, rose to 10.55 per cent from a year earlier after a 10.16 per cent increase in May.
High inflation is a lightning rod for political unhappiness in the country, where hundreds of millions of people live below the poverty line.