Food Inflation up to 8.76 for the week ending April 16

India-s food price index rose to the higher level of 8.76% for the week ending 16th April from 8.74% of earlier week. The fuel price index rose from 13.05% to 13.53%.
The WPI (Whole sale price index) based inflation rose to 8.98% in March from a year earlier, much higher than 8.31% of February. All these price index details are much higher than the RBI comfort zone and we can soon expect a rate hike by RBI during its next annual policy meet on 3rd May 2011. Rate hike has become necessary to cool down inflation now as it is still not showing any sign to cool down...