India's inflation eases
By Da Yan |
August 17, 2010, Tuesday
|
Print Edition
Print Edition
INDIA'S headline inflation eased to 10 percent in July as ample rainfall cooled food prices and the nation's breakneck industrial expansion returned to more normal levels, government figures showed yesterday.
The better-than-expected inflation data, coupled with June industrial production which came in at a 13-month low? takes some pressure off the central bank, which has hiked key interest rates four times this year in an effort to tame spiraling prices.
June inflation was 10.6 percent. The government revised May inflation to 11.1 percent, up from a prior estimate of 10.2 percent.
Food prices in July were 10.3 percent higher than a year earlier, down from 14.6 percent in June. Fuel and power prices rose 14.3 percent in July, just as they did in June. The price of manufactured products rose 6.2 percent in July from a year earlier, easing slightly from June's 6.7 percent rise.
Crisil chief economist D.K. Joshi said strong June-September monsoon rains cooled demand for some products like cement, and eased food prices, which had been under pressure because of last year's drought.
"Consumption goes down during the monsoon season," he said.
The better-than-expected inflation data, coupled with June industrial production which came in at a 13-month low? takes some pressure off the central bank, which has hiked key interest rates four times this year in an effort to tame spiraling prices.
June inflation was 10.6 percent. The government revised May inflation to 11.1 percent, up from a prior estimate of 10.2 percent.
Food prices in July were 10.3 percent higher than a year earlier, down from 14.6 percent in June. Fuel and power prices rose 14.3 percent in July, just as they did in June. The price of manufactured products rose 6.2 percent in July from a year earlier, easing slightly from June's 6.7 percent rise.
Crisil chief economist D.K. Joshi said strong June-September monsoon rains cooled demand for some products like cement, and eased food prices, which had been under pressure because of last year's drought.
"Consumption goes down during the monsoon season," he said.
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