Continuing its downward spree, inflation plummetted to two-decades low of 2.27 per cent in the week ended December 1, as compared to a whopping 8.33 per cent in the previous year period, despite soaring prices of vegetables, eggs, fruits, meat, fish and coconut oil.
The change in the price level as measured by Wholesale Price Index (WPI) saw a sharp 0.13 per cent fall in the latest reported week from 2.40 per cent in the previous week mainly on account of lower prices of furnace oil, light speed diesel, rice, sooji, atta, beer and alcohol. It was in 1983 that the inflation had such a lower level, eminent economist B B Bhattacharya said in New Delhi adding the present fall was due to declining international prices, lack of purchasing power, domestic recession and comparative food situation. The WPI with Base Year 1993-94, however, rose marginally by 0.1 per cent to 162.2 as compared to a static figure of 162 a week ago and the index was 158.6 in the previous year. Bureau Report