Thursday, June 23, 2011

Food Inflation @ 10 week high

Food inflation in India today touched a two-and-half-month high of 9.13% in the week ended June 11 on the back of costlier fruits, milk, onions and protein-based items.The latest food inflation numbers are the highest since the week ended March 26, 2011, when the rate of price rise of food items touched 9.18%.
The latest forecast by India Meteorological Department's (IMD) suggest that the monsoon is expected to be 95% of the long term average. A below normal monsoon can have a serious fallout on agricultural output.If inflation does not moderate by june end RBI might go for another rate hike of 25 bps if not 50 bps.

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