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Thursday, Nov 30, 2006

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Price cut may ease inflation: Chidambaram

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New Delhi , Nov. 29

The Finance Minister, Mr P. Chidambaram, on Wednesday said that the Government's decision to cut petrol and diesel prices would to some extent help ease inflation in the coming days.

"It should help in easing (inflation) to some extent, but it (inflation) is mostly driven by primary products," Mr Chidambaram told newspersons after the Government announced a Rs 2-per litre reduction in petrol and Re 1 cut in diesel prices from Thursday. The wholesale price index (WPI)-based inflation had declined to 5.29 per cent during the week ended November 11 from 5.3 per cent in the previous week. The Reserve Bank of India has projected inflation to be in the 5-5.5 per cent range in the current fiscal.

At present, primary articles, which include wheat and pulses, have a weight of 22.02 per cent in the WPI index. Petrol and diesel are part of fuel, power, light and lubricants category, which have a weight of 14.23 per cent.

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