India wholesale inflation rate hits new 13-year high of 12.63% in Aug 2008

This article belongs to the India inflation watch story arc.

channelnewsasia.com :

India's inflation has accelerated to a 13-year high, official data showed, fuelling expectations of more monetary tightening. Annual inflation jumped to 12.63% for the week ended 9 Aug 2008, according to the Wholesale Price Index, India's most-watched cost-of-living monitor. Inflation has nearly tripled from 4.39% a year ago, reaching its highest level since the current inflation series began being compiled 13 years ago. The bank's key short-term lending is now at 9% - a seven-year high.

- The Indian inflation rate has crossed another numerical milestone by going over 12%. Once in double-digit territory, the inflation rate tends to gather momentum, the digits incrementing quickly. We also learn something interesting in this particular news release, that the current compilation of official inflation figures dates back just 13 years, to around 1995. So one might as well say that it is now at an all-time record high. Rather similar to the case with NYMEX crude oil prices, which date back to 1983, so any "highest record in 25 years" would also qualify as an "all-time high", if we are talking about the same data series being used.

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