(RTTNews) - India’s annual rate of inflation calculated on a point-to-point basis eased marginally to 12.40% for the week ended 16th August, according to the Ministry of Commerce, Thursday. Inflation had soared 12.63% in the previous week.

The Wholesale Price Index for ‘All Commodities’ decreased 0.2% to 240.2 from 240.7 in the previous week. The rate of inflation a year ago on 18th August 2007 was 3.99%.

The sub-index for ‘Primary Articles’ remained unchanged at its previous week’s level of 249.6. The index for ‘Food Articles’ group edged up to 238.8 from 238.7 in the previous week. Prices of moong grew 3%, while prices of condiments and spices moved up 2%. On the other hand, prices of mutton and maize declined 1%.

‘Non-Food Articles’ sub-index slipped slightly to 245.2 from 245.3 in the previous week. Prices of gingelly seed slid 2%, while prices of copra, raw silk and castor seed dipped 1%. In comparison, prices of raw rubber increased 2%.

The sub-index for the ‘Minerals’ group declined 0.3% to 646.7 from 648.4 in the last week. The index was pulled down by the 22% decline in prices of fire clay, while prices of asbestos and barytes slipped 6%. In contrast, prices of feldspar climbed 60%, while prices of steatite increased 6%.

Prices of the ‘Primary Articles’ group jumped 11.63% annually for the week ended 16th August, much more than the increase of 8.70% in the same year- ago period. However, prices of ‘Food Articles’ rose at an annual rate of 7.28% for the week ended 16th August, slowing from the 8.16% increase in the same period a year ago.

Prices of ‘Fuel, Power, Light and Lubricants’ group dropped 1.1% to 376.2 from 380.4 in the previous week. Naphtha prices slipped 9%, while prices of furnace oil declined 6%. This was partially offset by the 2% increase in bitumen prices.

‘Manufactured Products’ sub-index grew 0.1% to 206.6 in the week ended 16th August, from 206.4 in the earlier week.

The prices for ‘Food Products’ increased 0.2% to 212.5 from 212.0 in the previous week, pushed by the 4% gain in sugar prices. On the other hand, prices of imported edible oil and prices of rice bran oil slid 3%, while prices of oilcakes slipped 2%.

Prices of ‘Textiles’ group moved up 0.3% to 144.2 from 143.8 in the prior week, boosted by 6% climb in prices of cotton yarn, while prices of cotton gray cloth increased 4%.

The ‘Paper and Paper Products’ group index edged up 0.1%, while the sub-index for ‘Chemical and Chemical Products’ group grew a tad to 222.0 from 221.9 in the prior week. Prices of caustic soda grew 2%, partially offset by the 6% decline in prices of PVC resins. The index for ‘Non-Metallic Products’ group witnessed a marginal decline of 0.05%, pulled by the drop in cement prices.

The sub-index for ‘Basic Metals, Alloys and Metal Products’ group increased slightly by 0.1% to 299.1 in the week ended 16th August, from 298.9 in the previous week. Prices of foundry pig iron, basic pig iron and MS bars and rounds increased 1%. In contrast prices of lead ingots declined 7%.

Prices of ‘Machinery and Machine tools’ group rose 0.2% to 176.2 from 175.8 in the prior week. Computer and computer based systems prices jumped 17%, while prices of electric motors gained 3%.

Wholesale price increase for the week ended 21st June 2008, was revised to an 11.91% annual surge compared to the 11.63% increase estimated initially.

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