Inflation fell for the third consecutive week to over four-month low of 5.44 per cent for the week ended May 5 as some food items like moong, sugar, flour and spices coupled with oilseeds turned cheaper.
As the UPA government completes third year in office at the Centre, the official data on inflation released would give some respite to the ruling coalition, which drew flak from the opposition and some allies on rising prices.
Wholesale prices-based inflation had stood at 5.66 per cent in the previous week and 4.37 per cent in the corresponding week last year.
Earlier, Prime Minister Manmohan Singh exuded confidence that his government will further bring down inflation to 5 per cent in the next couple of months.
"The inflation rate is 5.5 per cent now and we will bring it down to the level of 5 per cent. I hope we will succeed on this front in the next couple of months," he said on the sidelines of a function at Rashtrapati Bhavan.
Admitting that high prices of essential commodities were a cause of concern, Singh said that efforts would be made to moderate the spiralling prices. "There is concern about prices. We will moderate it. It is already coming down," he said.
Among essential items during the week, prices of pulses like moong, barley, condiments and spices, sooji, sugar, flour and maida declined.
However, prices of eggs, masoor, fruits and vegetables, arhar, bajra, imported edible oil and butter became expensive.
Courtesy : Expressindia.com
As the UPA government completes third year in office at the Centre, the official data on inflation released would give some respite to the ruling coalition, which drew flak from the opposition and some allies on rising prices.
Wholesale prices-based inflation had stood at 5.66 per cent in the previous week and 4.37 per cent in the corresponding week last year.
Earlier, Prime Minister Manmohan Singh exuded confidence that his government will further bring down inflation to 5 per cent in the next couple of months.
"The inflation rate is 5.5 per cent now and we will bring it down to the level of 5 per cent. I hope we will succeed on this front in the next couple of months," he said on the sidelines of a function at Rashtrapati Bhavan.
Admitting that high prices of essential commodities were a cause of concern, Singh said that efforts would be made to moderate the spiralling prices. "There is concern about prices. We will moderate it. It is already coming down," he said.
Among essential items during the week, prices of pulses like moong, barley, condiments and spices, sooji, sugar, flour and maida declined.
However, prices of eggs, masoor, fruits and vegetables, arhar, bajra, imported edible oil and butter became expensive.
Courtesy : Expressindia.com