Food Inflation Climbs Up To 16.49%

Food Inflation Climbs Up To 16.49%According to official data, the country's annual food inflation for the week ended May 8 climbed to 16.49%.

During the last week, the food inflation was 16.44%, up from 16.04% during the week ended April 24.

The WPI data announced by the commerce and industry ministry indicated that food inflation increased though the index for this group fell marginally during the week ended May 08.

The primary articles index remained up 16.19% as against 16.76% in the previous week.

The prices of fuel climbed 12.33% during the week under review.

Following are the increase and decrease in rates of some essential food items over the 52-week period:

- Pulses: 33.65%
- Milk: 21.12%
- Fruits: 17%
- Rice: 7.72%
- Cereals: 6.37%
- Wheat: 4.74%
- Potatoes: (-) 30.36%
- Onions: (-) 16.01%

The overall annual rate of inflation during the last month was 9.59%.

The administration, agriculturists as well as users are anticipation that the monsoon will be good this year.

More that 60% of the country's cultivable land depends upon rain, and hence the monsoon plays a vital role in food grain productivity as well as economic growth.

Finance Minister Pranab Mukherjee drove home the importance of monsoon rains when he said recently that in India monsoon is "the real finance minister".

The India Meteorological Department projected normal rainfall in June-September monsoon period. The seasonal rainfall is likely to be 98 percent of the 50-year average this year. (With Inputs from Agencies)