"Finance world"Retail inflation increases to 8.83% in February

India’s retail inflation was recorded at the level of 8.83 per cent in the month of February 2012 compared to 7.65 per cent recorded in January.

The increase in retail inflation, which is based on the Consumer Price Index, comes mainly due to increase in prices of protein based items and edible oil in the country. The prices of eggs, meat and fish increased 10.62 per cent over the previous year while milk and mil products become dearer by 15.76 per cent compared to February of 2012. The cereals and products category reported an increase of 2.40 percent February while pulses and products prices rose 4.17 per cent. Prices in the oil and fat category increased 12.76 per cent and spices became costly by 8.68 per cent. The inflation rates for rural and urban areas were 8.36 per cent and 9.45 per cent in February compared to a revised estimate for January of 7.28 per cent for urban and 8.25 per cent for rural. Meanwhile, the benchmark wholesale-price index was recorded at 6.95 per cent in February compared to a year earlier, according to a statement from the union commerce ministry. The inflation as recorded at 9.54 per cent in February 2011. Food inflation was 6.07 per cent in February compared to 0.52 per cent in January. Source:topnews.in