Apr 05 2008
Inflation rate is too high reached to the 7% mark!
The feel good factor of the union budget is over now, India is now struggling from the inflation rate. The week which ended on March 22, inflation rate reached to a new high of 7%.
This new high inflation rate has increased the prices of all essential commodities like food, vegetables, minerals, steels, and other manufactured items. Within one or two weeks people are expecting a new high in the rates of the essential commodities.
This incident is putting some sort of pressure on the center’s UPA government lead by Manmohan Singh, who him self is a great economist. All the supporting parties are now pulling Congress for this issue, no one wants to face the blame for it.
Government has decided a few steps like to abolish import duty on crude form of edible oils, cut rate on refined edible oils and ban non-basmati rice exports but these are still not decreasing the rates of essential commodities.
It is now a bit sure that RBI will also going to take some step very soon to stop the further growth of inflation rate.
