By KUNA
New Delhi : Inflation in India touched a three-year high of seven percent as prices of vegetables, cereals and various manufactured goods continued to rise.
The annual rate of inflation, based on wholesale price index, increased by 0.32 percent in the week ended March 22 from 6.68 percent in the previous week, according to official data of the Indian Finance Ministry released here Friday.
Inflation rate in the country had touched seven percent over three years ago (7.02 percent for the week ended December 4, 2004).
India’s Central Bank — Reserve Bank of India — has stated that it will take necessary monetary and fiscal steps to contain inflation.
Talking to reporters in Singapore today, India’s Commerce Minister Kamal Nath said, “The government will not hesitate to take the strongest possible measures, including using some of the legal provisions.”