Friday, April 4, 2008

Inflation at 3-year high, hits 7 pc

India’s annual inflation rose to a three year high at 7 %, 2 % more than the 5 % comfort level. The wholesale prices index for the week to March 22 increased more than the market estimate of 6.62 % and the previous week’s 6.68 % .Market is down by 3 %.

On Monday, the government decided to abolish import duty on crude form of edible oils, cut rate on refined edible oils and ban non-basmati rice exports among other measures to ease the pressure off prices.

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