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Inflation soars 6.95% in February

Source : IBNS
Last Updated: Wed, Mar 14, 2012 09:01 hrs

New Delhi, Mar 14 (IBNS) India's headline inflation, based on monthly Wholesale Price Index (WPI), picked up at 6.95% in February 2012, driven by a rise in food prices, official data said on Wednesday.

Inflation stood at 6.55% in January. In February 2011, it was 9.54%.

The official Wholesale Price Index for 'All Commodities' (Base: 2004-05 = 100) for the month February, 2012 rose by 0.4 percent to 158.4 (Provisional) from 157.7 (Provisional) for the previous month.

INFLATION



The annual rate of inflation, based on monthly WPI, stood at 6.95% (Provisional) for the month of February, 2012 (over February, 2011) as compared to 6.55% (Provisional) for the previous month and 9.54% during the corresponding month of the previous year. Build up inflation in the financial year so far was 5.95% compared to a build up of 8.66% in the corresponding period of the previous year.

Inflation for important commodities / commodity groups is indicated in Annex-1 and Annex-II.
The movement of the index for the various commodity groups is summarized below:-

PRIMARY ARTICLES (Weight 20.12%)

The index for this major group rose by 0.9 percent to 201.5 (Provisional) from 199.7 (Provisional) for the previous month. The groups and items for which the index showed variations during the month are as follows:-

The index for 'Food Articles' group rose by 0.5 percent to 192.3 (Provisional) from 191.4 (Provisional) for the previous month due to higher prices of ragi (4%), barley and fruits & vegetables (3% each), maize (2%) and fish-marine, beef & buffalo meat, tea, poultry chicken and fish-inland (1% each). However, the prices of condiments & spices (5%), jowar and egg (3% each), arhar and masur (2% each) and urad, moong and gram (1 % each) declined.

The index for 'Non-Food Articles' group rose by 2.1 percent to 186.7 (Provisional) from 182.8 (Provisional) for the previous month due to higher prices of gaur seed (30%), flowers (26%), logs & timber and raw jute (9% each), gingelly seed (5%), groundnut seed and mesta (3% each) and cotton seed, soyabean and castor seed (1% each). However, the prices of copra (8%), niger seed (5%), raw cotton (3%), raw silk (2%) and raw rubber, rape & mustard seed and fodder (1% each) declined.

The index for 'Minerals' group rose by 1.6 percent to 329.6 (Provisional) from 324.5 (Provisional) for the previous month due to higher prices of copper ore (11%), magnesite (10%) and iron ore and zinc concentrate (2 % each). However, the prices of sillimanite (8%) and dolomite and barytes (1% each) declined.

FUEL & POWER (Weight 14.91%)

The index for this major group rose by 0.2 percent to 173.2 (Provisional) from 172.8 (Provisional) for the previous month due to higher prices of lignite (8%), furnace oil (5%) and light diesel oil and bitumen (2% each). However, the prices of aviation turbine fuel (2%) and naphtha (1%) declined.

MANUFACTURED PRODUCTS (Weight 64.97%)

The index for this major group rose by 0.4 percent to 141.7 (Provisional) from 141.2 (Provisional) for the previous month. The groups and items for which the index showed variations during the month are as follows:-:-

The index for 'Beverages, Tobacco & Tobacco Products' group rose by 1.3 percent to 166.8 (Provisional) from 164.7 (Provisional) for the previous month due to higher prices of bidi (6%) and soft drinks & carbonated water (3%). However, the prices of dried tobacco (8%) declined.

The index for 'Textiles' group rose by 0.4 percent to 127.1 (Provisional) from 126.6 (Provisional) for the previous month due to higher prices of jute sacking cloth and cotton yarn (1% each). However, the prices of jute yarn and man made fabric (2% each) and tyre cord fabric (1%) declined.

The index for 'Wood & Wood Products' group rose by 0.2 percent to 163.5 (Provisional) from 163.2 (Provisional) for the previous month due to higher prices of processed wood (1%).

The index for 'Paper & Paper Products' group declined by 0.1 percent to 132.3 (Provisional) from 132.4 (Provisional) for the previous month due to lower prices of paper pulp (3%) and maplitho paper, printing and writing paper and computer stationery (1% each). However, the prices of books/ periodicals/ journals (1%) moved up.

The index for 'Leather & Leather Products' group declined by 0.5 percent to 130.6 (Provisional) from 131.2 (Provisional) for the previous month due to lower prices of leather garments & jackets and leathers (1% each).

The index for 'Rubber & Plastic Products' group declined by 0.1 percent to 134.1 (Provisional) from 134.3 (Provisional) for the previous month due to lower prices of tubes (1%).

The index for 'Chemicals & Chemical Products' group rose by 0.4 percent to 137.9 (Provisional) from 137.4 (Provisional) for the previous month due to higher prices of distemper (3%), non-cyclic compound and rubber chemicals (2% each) and di ammonium phosphate, basic inorganic chemicals and paints (1% each). However, the prices of hair / body oils and synthetic resin (1% each) declined.

The index for 'Non-Metallic Mineral Products' group declined by 0.2 percent to 155.9 (Provisional) from 156.2 (Provisional) for the previous month due to lower prices of marbles (3%) and polished granite (2%). However, the prices of lime (7%) and white cement (1%) moved up.

The index for 'Basic Metals, Alloys & Metal Products' group rose by 0.7 percent to 161.9 (Provisional) from 160.7 (Provisional) for the previous month due to higher prices of silver, pressure cooker and pencil ingots (3 % each), pig iron, gold & gold ornaments, ferro manganese, lead and melting scrap (2% each) and iron castings, rebars, steel castings, angles, rounds, wire rods, aluminium, joist & beams and hrc (1% each). However, the prices of nuts/bolts/screw/ washers and ferro silicon (1% each) declined.

The index for 'Machinery & Machine Tools' group rose by 0.3 percent to 125.9 (Provisional) from 125.5 (Provisional) for the previous month due to higher prices of heat exchanger and insulators (4% each), electric switch gears and grinding /wet coffee machinery (3% each) and electrical pumps, earth moving machinery, fluorescent tubes and microwave oven (1% each).

The index for 'Transport, Equipment & Parts' group rose by 0.2 percent to 125.5 (Provisional) from 125.3 (Provisional) for the previous month due to higher prices of shafts and bus / mini bus / truck (1% each). However, the prices of parts of ships/boats etc. (7%) declined.

FINAL INDEX FOR THE MONTH OF DECEMBER, 2011 (BASE YEAR: 2004-05=100)

For the month of December, 2011 the final Wholesale Price Index for 'All Commodities' (Base: 2004-05=100) stood at 157.3 as compared to 156.9 (Provisional) and annual rate of inflation based on final index stood at 7.74 percent as compared to 7.47 percent (Provisional) reported on 16.01.2012.

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