New Delhi, Oct 30 : The annual rate of inflation, year on year as conventionally measured, declined to 10.68 per cent for the week ending October 18, 2008 compared to a rate of 11.07 per cent reported in the previous week, according to a statement issued by the Finance Ministry.

Inflation in the same period in the previous year at 3.11 per cent, however, was significantly lower.

The Wholesale Price Index (WPI) during the week further declined by 0.21 per cent from 238.8 on October 11, 2008 to 238.3 on October 18, 2008. The WPI has been declining for five consecutive weeks.

Inflation of 30 essential commodities declined to 7.47 per cent as on the week ending October 18, 2008 from 7.80 per cent reported in the earlier week.

There was a decline in the prices of six of these commodities and prices of other 16 commodities remained unchanged.

However, prices of remaining eight items - rice, jowar, bajra, gram, dry chillies, tea, sugar and gur witnessed some increase. (ANI)