The food price index rose 16.74 percent in the year to May 29, higher than the previous week's annual reading of 16.55 percent, following a rise in fruits and potato prices, government data released on Thursday showed.
The fuel price index climbed 14.23 percent, compared with an annual rise of 14.14 percent in the previous week. Food prices are likely to ease on the prospects of a normal June-September monsoon that is the main source of irrigation for farms in
But a possible increase in domestic fuel rates runs the risk of stoking inflation across sectors and could impact the government's target for headline inflation by December.
Prime Minister Manmohan Singh's government has so far deferred the politically sensitive decision to free up fuel prices amid strong political opposition to subsidy cuts from a key coalition ally.
Wholesale prices , the most closely watched inflation gauge in
An elevated headline inflation level would also put pressure on the Reserve Bank of India (RBI), which is looking to raise rates steadily, to take a more hawkish stance.
"A prolonged monetary tightening is needed and we believe that the Reserve Bank of
The RBI has raised rates twice, by a total of 50 basis points, since mid-March to tame inflation and is expected to deliver another hike of 25 basis points when it reviews policy on July 27.
The markets have already priced in such a move.
The RBI has not ruled out any off-cycle policy action, but worries over
Finance Minister Pranab Mukherjee said last Friday that
A Reuters poll last month showed expectations for a cumulative 100 basis points of tightening in key interest rates by the end of March 201
Thursday, June 10, 2010
Food, fuel price inflation quicken end-May
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