Inflation up to 12.63%...

Inflation inched up further to 12.63 per cent for the week ended August 9 from 12.44 per cent in the previous week, mainly on account of the unabated rise in the prices of fruits, vegetables, milk, pulses and certain manufactured products.

With this, the wholesale price index-based inflation, which was at 4.24 per cent during the same week a year ago, appears creeping up the 13 per cent mark, as projected by the Prime Minister’s Economic Advisory Council in its economic outlook for the current fiscal.

A silver lining, however, is the softening crude oil prices in the international market in recent days. This is expected to douse inflationary expectations if the downtrend persists, and thereby help authorities in cooling prices.

During the week, even as the prices of imported edible oils fell by six per cent and sunflower oil by two per cent, mustard oil was costlier by one per cent.

Among other food items, tea was dearer by two per cent, while the prices of milk and pulses were up by one per cent each. Also fuelling the inflation rate were cotton yarn and polyester, costlier by eight and seven per cent.

Meanwhile, the annual rate of inflation for the week ended June 14 has been revised from the provisional estimate of 11.42 to 11.80 per cent.