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Food inflation falls for 4th straight week

Food inflation falls for 4th straight week

The inflation measured for food items fell to 12.30 per cent for the week ended October 30, from 12.85 per cent previously and 12.59 per cent in the same period last year.

Food inflation declined to 12.30 per cent for the week ended October 30, on improved supply of items, showing a downward movement for the fourth straight week .

It was 12.85 per cent in the previous week.

While most food items like wheat, pulses and potatoes turned cheaper, onions became costlier, as their prices rose about 10 per cent within a week.

Considering that food inflation stood at a high of 12.59 per cent during the corresponding week last year, even 12.30 per cent inflation is quite elevated.

Earlier this month, the Reserve Bank of India raised its short-term rates to tame inflation, saying prices of protein-based food items are still high.

However, Prime Minister's advisory panel believes food inflation could be tamed through improved production.

At a function, Prime Minister's Economic Advisory Council Chairman C Rangarajan said: "Food inflation is caused by shortage of food and supply. In the mid-term, we need to ensure supply is increased through production to curb inflation."

Published on: Nov 11, 2010, 12:35 PM IST
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