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Fresh record for Indian inflation | Fresh record for Indian inflation |
(about 2 hours later) | |
Indian inflation set another record in the third week in June as prices of food, fuel and steel continued to rise. | Indian inflation set another record in the third week in June as prices of food, fuel and steel continued to rise. |
Wholesale prices rose by a larger-than-expected 11.63% in the 12 months to 21 June compared with the same period the previous year. | Wholesale prices rose by a larger-than-expected 11.63% in the 12 months to 21 June compared with the same period the previous year. |
The new record raises the chance of another interest rate rise, following two last month. | The new record raises the chance of another interest rate rise, following two last month. |
The inflation figure was up from 11.42% in the previous week, and is the highest since the series began in 1995. | The inflation figure was up from 11.42% in the previous week, and is the highest since the series began in 1995. |
Wholesale prices are more closely watched in India than consumer prices because the figures are published weekly and include more products. | Wholesale prices are more closely watched in India than consumer prices because the figures are published weekly and include more products. |
Inflation jumped in the first week of June from 8.75% to 11% after the government reduced its fuel subsidies. | Inflation jumped in the first week of June from 8.75% to 11% after the government reduced its fuel subsidies. |
Interest rates will come under focus when the Reserve Bank of India (RBI) holds its next rate-setting meeting on 29 July. | Interest rates will come under focus when the Reserve Bank of India (RBI) holds its next rate-setting meeting on 29 July. |
"The momentum in inflation continues to accelerate and that is a worrying sign," said Sonal Varma, at Lehman Brothers in Mumbai. | "The momentum in inflation continues to accelerate and that is a worrying sign," said Sonal Varma, at Lehman Brothers in Mumbai. |
"We expect the RBI to hike the repo rate by 25 basis points at the July policy [meeting]." | "We expect the RBI to hike the repo rate by 25 basis points at the July policy [meeting]." |
Meanwhile, rising food and fuel price increases pushed the Philippines' . inflation rate in June to its highest in 14 years. | |
Acting socio-economic planning secretary Augusto Santos said "continuous price increases of cereals and fuel" had raised annual inflation in June to 11.4% from 9.5% a month earlier. | |
The new figure is the biggest since May 1994, when consumer prices rose 11.5%. |