Sunday, March 21, 2010

Food prices push Indian inflation up to 9.9 pct

clipped from

MUMBAI, India --
India's inflation accelerated faster than expected to 9.9 percent in February, driven by high food prices, adding to pressure on policymakers to continue unwinding stimulus measures, government data showed Monday.

Since October, when the government began reporting monthly - instead of weekly - data, headline inflation has increased nearly seven-fold.

That's been driven by spiralling food prices due to drought and rising rural incomes, but it has begun to spill over into non-food areas as India's economy picks up and global commodities prices rise, putting pressure on margins of manufacturers.

The Ministry of Commerce also said December inflation was 8.1 percent, not 7.3 percent as earlier estimated.

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