Foundry Daily News

Rising prices of metals have pushed India's inflation rate

New Delhi - Rising prices of metals and food items have pushed India's inflation rate to 6.68 per cent, the highest rate in the past 12 months, government data showed Friday. The inflation rate, based on the wholesale price-based index, reached 6.68 per cent for the week ending March 15, compared to 5.92 per cent the previous week, according to data released by the federal Reserve Bank of India (RBI).
India's inflation rate was 6.56 per cent in the corresponding period last year.

Metal prices continued to be more expensive in line with global trends.

According to the PTI news agency, while joist and rolls rose by a whopping 34 per cent, basic pig iron and foundry pig iron by 17 per cent each and steel sheets, plates and strips by 13 per cent each.

Food items, like vegetables, rape seeds and mustard oil also turned costlier.

Inflation, which had remained close to 4 per cent in recent months, has begun moving upwards in the past few weeks, dashing expectations that the federal bank may ease its monetary policy stance.

The government is also expected to take further fiscal measures to contain the rising prices.

The wholesale price index, covering a larger number of products, is usually published weekly, and is more closely watched than the consumer price index, which is published monthly.

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