New Delhi, April 17: Wholesale price-based inflation remained below the psychological two-digit scores inching up marginally to 9.9 percent in March from 9.89 percent in the previous month.
The hike was on account of rising prices of sugar and pulses.
Food inflation for the week ended April 3, however, slid to 17.22 per cent from 17.70 per cent in the previous week.
The fall was mainly on account of cheaper potato and onions that fell by 23.71 per cent and 2.5 percent respectively on annual basis.
According to the monthly inflation data, sugar prices rose by 48.75 percent in March year-on-year while pulses turned costlier by 31.40 percent.
However, Finance Minister Pranab Mukherjee expressed satisfaction over the figures.
“My apprehension was it will go into double digits, but it has not,” Mukherjee told reporters in Parliament.
Inflationary pressure to continue till June: FM
The wholesale price-based inflation may have moderated somewhat in March but the pressure on prices is likely to continue for another two months, Finance Minister Pranab Mukherjee on Thursday said.
“Of course, the apprehension was that it may reach the double digit figure. So it has moderated to some extent but you will have to see that till the month of June, this pressure will continue,” Mukherjee told reporters here.
Inflation rose moderately to 9.9 percent in March from 9.89 percent in the previous month.
Mukherjee said inflation will cool down after the Rabi (winter crops) harvesting is complete and clearer indications of a good monsoon are available.
Harvesting of Rabi crops like wheat, potatoes, sugarcane and some pulses will be complete by mid-May.
Inflation remained largely concentrated on food items, particularly pulses and sugarcane. For the week ended April 3, however, food inflation inched down to 17.22 percent from 17.70 per cent in the previous week.
Inflation did not touch the double digit mark in March, but remained far above RBI’s projection of 8.5 per cent by the end of last fiscal.
Earlier the Finance Minister had said he would not be surprised if inflation touches double digits in March.
–PTI