Inflation at highest level in 13 years
The
wholesale price index rose 11.05% in the 12 months to 7 June 2008,
government data released today, 20 June 2008, afternoon showed. The
rate was above market expectation of about 10% rise. The reading was
the highest in 13 years since 6 May 1995, when it was 11.11%.
The
surge in inflation was due to rise in retail fuel prices. The
government had raised retail fuel prices by about 10% on 4 June 2008 to
help curb losses at its state-owned refiners, arising from surging
global crude oil prices.
Meanwhile, inflation for the week ended 12 April 2008 was revised upwards to 7.95% from 7.33%
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