FM calls meeting at 7pm on inflation: reports

India Infoline News Service | Mumbai |

Food inflation surged to 9.5%YoY in May compared to 8.6% YoY in April, registering a 2.3% MoM increase.

In order to curb inflation Finance Minister Arun Jaitley has called a meeting with ministers at 7pm today, according to a media report.
Jaitley today asked states to take important measures against "speculative hoarding over food articles.
"The state governments should take effective steps to ensure that speculative hoarding is discouraged," Jaitley said in a post on Facebook.
"The government is committed to take measures which will positively impact the GDP and result in higher growth than expected," he added.
The WPI (Wholesale Price Index) inflation surged to its highest level in the past five months by 6.01% YoY in May.
To add to the worries, the final estimate of March WPI was revised up by 30bps to 6%YoY. The May headline surged by 0.8% MoM (from -0.06%MoM in April), the highest pace in the past 8-months.
The inflation acceleration has primarily been driven by across the board sequential gains in food, fuel and core inflation.
Food inflation surged to 9.5%YoY in May compared to 8.6% YoY in April, registering a 2.3% MoM increase.
 

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