Onion prices up 278%, tomato 122% in one year NEW DELHI: Inflation as measured by the wholesale price index soared to an eight-month high of 7% year-on-year in October on the back of spiralling vegetable prices, raising the prospect of an increase in interest rates when the Reserve Bank of India (RBI) reviews monetary policy mid-December. The spike in prices was led largely by a surge in food costs, ahead of crucial assembly polls and general elections in 2014. The increase in the inflation rate both at the retail and wholesale level should come as a fresh policy worry for the government and the central bank which are trying desperately to tame spiralling prices. Data released by the commerce and industry ministry on Thursday showed that the wholesale price index rose 7% year-on-year, accelerating from the previous months 6.5%. The inflation rate in October 2013 was 7.32%.
Posted on: Fri, 15 Nov 2013 03:19:25 +0000
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