Inflation soars to 13-year high of 11.05%

-

Fuelled by petro hike

NEW DELHI: Fuelled by the sharp increase in fuel and cooking gas prices, the inflation shot up to a 13-year high of over 11 per cent.

Coupled with increase in petrol product prices, the food prices put the pressure on inflation that touched 11.05 per cent for the week ending June 7, a development that could cause a major worry for the government.

Capturing the Central Government's decision to hike petrol prices by Rs 5 a litre, diesel by Rs 3 a litre and domestic cooking gas by Rs 50 a cylinder led to the spurt in inflation, management of which is proving a major challenge for both the Finance Mi nistry and the RBI.

Inflation was 8.75 per cent for the week ended May 31 mainly on account of rising food, vegetable and fruit prices. After the release of the government data on price movement in the country, the Bombay Stock Exchange benchmark Sensex dipped by over 300 p oints, reflecting the concern of the investing community. - PTI

Popular posts from this blog

IOB capitalises on hike in stake by LIC

-
Indian Overseas Bank rose 1.53% to Rs 46.45 at 10:31 IST on BSE, after the biggest domestic instutional investors Life Insurance Corporation of India hiked its stake in the state-run bank. The bank made this announcement after trading hours on Wednesday, 25 March 2009. Meanwhile, the BSE Sensex was up 126.19 points, or 1.31%, to 9,794.09. On BSE, 31,003 shares were traded in the counter. The stock had an average daily volume of 1.93 lakh shares in the past one quarter. The stock hit a high of Rs 47 and a low of Rs 45.95 so far during the day. The stock hit a 52-week high of Rs 156.80 on 2 May 2008 and a 52-week low of Rs 37.55 on 9 March 2009. The mid-cap bank stock had underperformed the market over the past one month till 25 March 2009, falling 3.17% as compared to the Sensex's 8.60% rise. It had also underperformed the market in the past one quarter, declining 33.94% as compared to the Sensex's 1.04% rise. The bank's current equ The current price of
Read more
-
https://economictimes.indiatimes.com/markets/stocks/news/companies-trading-at-values-cheaper-than-assets-and-still-have-no-takers/articleshow/71471784.cms
Read more