Jan. 15 – Food prices soared in December with the annual rate of inflation rising to 7.31 percent from 4.78 percent in November.
According to the Commerce Ministry, prices of food articles increased by 19.17 percent while the index for primary articles was rose by 1.2 percent and prices of fuel, power, light and lubricants increased by 0.1 percent.
Prime Minister’s Economic Advisory Council Chairman C. Rangarajan told Press Trust of India that the Reserve Bank of India must take money control measures to rein in prices. He said: “Going forward, there could be some decline in food prices. The inflation is likely to be around 7 per cent by March-end.”
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