Primary articles is up 2% since last week, and stands at 15.35%.
I’d mentioned that last year this was a benign period, and I expect headline inflation numbers to stay high for the next few weeks anyway. Add to it the fuel price hikes, skyrocketing onion prices, increase in sugar prices (not yet in India) and the transition into manufactured goods and WPI as a whole is likely to stay very high.
(Note: Overall inflation is only reported once a month. PA inflation is announced every week)
Past revisions continue to be a problem, as the 16 Oct. data was revised to 17.91%, substantially higher than the first reported 16.62%.
RBI keeps rates unchanged at 6.25% (repo) and 5.25% (reverse repo).
The Statutory Liquidity Ratio (SLR) is down to 24% (down 1%). There’s also a relaxation of another 1% of assets under a temporary liquidity facility until Jan 28, 2011.
Inflation: November 2010
WPI monthly inflation for Nov 2010 was announced at 7.48% – substantially lower than the last month’s 8.58%.