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May 8, 2009, 8:31 GMT

India's inflation rate rises to 0.7 per cent

New Delhi - India's annual inflation rate rose to 0.7 per cent for the week that ended April 25 on account of higher prices of essential food items, government data showed Friday. The wholesale price-linked inflation rose marginally from the previous week's 0.57 per cent, the federal Ministry of Commerce and Industry said. Indices for food articles like cereals, pulses, vegetables, milk and sugar had increased, according to the data. This is the eighth consecutive week when inflation stood below the 1-per-cent mark. The wholesale index has declined sharply from 12.91 per cent in August 2008. In mid-March, inflation dropped to a near three-decade low of 0.27 per cent. India has posted a growth rate of its gross domestic product of 9 per cent for three years running, but the government has lowered the growth projection for the fiscal year 2008-09 to 7.1 per cent. India's financial year runs from April to March.

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