By IANS,
New Delhi : India’s annual food inflation based on the official wholesale price index soared to 17.47 percent for the week ended Nov 21 from 15.58 percent a week ago, an official statement said Thursday.
Inflation of primary articles rose to 12.53 percent during the week against 11.04 percent in the previous week.
Onions price increased by over 12 percent on weekly basis, while it surged by 30.89 percent on yearly basis.
Rice and wheat prices also rose over 10 percent on an year-on-year basis.
However, potatoes price rise declined to 94.17 percent on yearly basis, against over 100 percent increase a week ago.
Meanwhile, Prime Minister’s Economic Advisory Council Chairman C. Rangarajan said the food price inflation was a “worry”.
“The persistence of high food-price inflation has a tendency to spread to manufacturing inflation. It may require monetary policy action,” Rangarajan told reporters here Thursday.
India’s gross domestic product (GDP) grew by 7.9 percent in the second quarter this fiscal against 6.1 percent in the previous quarter, rekindling hopes of a faster and steady recovery.
Following the better-than-expected growth rate, many analysts think the Reserve Bank of India (RBI) would soon tighten its monetary policy.