India’s inflation – just primary articles – is at 16.08%.
A major concern now is how this data is being corrected. Usually after two weeks a preliminary figure is quoted, and that is corrected after two months. The last weeks have seen tremendous upward corrections. For the week ended May 1, primary articles (food) inflation was announced as 16.44%, but it has now been corrected to 18.64%. (Get Data Here)
The up-cycle on inflation started at last year around mid-July and if the food WPI softens, headline inflation will look better – or that’s what they all hope. The trend lines show a much sharper inflation trend this year compared to last.
Fuel inflation was at 18%. But I don’t know if that reflected the hike in petrol prices on friday the 25th, which alone is a 10-15% increase. Next Thursday will tell.