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Food prices push inflation to -.95%
Published on 28 Aug. 2009 12:07 AM IST
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A sharp rise in prices of food products, including sugar, milk, fruits and vegetables, due to erratic monsoon, pushed inflation up by 0.58% to -0.95% for the week ended August 15 against -1.53% in the previous week. The WPI-based inflation is in the negative territory for the 11th week in a row. Experts, however, said negative inflation would not last beyond a couple of weeks as food prices are on the rise. During the week, prices of inland fish shot up as much as 25%, eggs by 10%, masur by 8%, milk by 5% and fruit and vegetables by 3%. The inflation was at 12.82% during the corresponding week a year ago. Principal economist at Crisil D K Joshi said rise in inflation is due to high food prices which is visible in the market. Food items like milk and sugar have seen a spurt in prices. According to Times report, there could be further pressure on food items because of weak monsoon, he said, adding, inflation is going to remain negative for another 2-3 weeks only. Meanwhile, inflation based on consumer price index (CPI) for agriculture labourers rose from 11.52% in June to 12.9% in July, while the one based on CPI for rural labourers went up from 11.26% to 12.67% in July last year.

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