Inflation at highest level in more than seven years
Inflation
based on the the wholesale price index rose 8.75% in the 12 months to
31 May 2008, above the previous week's annual rise of 8.24%, government
data released today, 13 June 2008, afternoon showed. The reading is
highest since 10 February 2001, when it was 8.77%.
Inflation for the week ended 5 April 2008 was revised upwards to 7.71% from 7.14%.
The
Reserve Bank of India on Wednesday, 11 June 2008, raised repo rate by
25 basis points to 8% to contain inflation expectations. The repo rate
is the rate at which Reserve Bank of India (RBI) lends money to banks
under its liquidity adjustment facility. This is the first increase in
the repo rate since 30 March 2007. The repo rate is now at its highest
since November 2002
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