India Inflation Rose in November to 7.5 Percent

India’s worrisome inflation rose to 7.52 percent in November, driven by soaring food and fuel prices, data showed Monday. The highest level in more than a year increases pressure on the central bank to raise interest rates this week.

The wholesale price index was up from 7 percent in October. The sharp increase was the highest since September 2012 and was led by food prices jumping by 19.9 percent over the previous November, dashing hopes that favorable monsoon rains would slow the runaway food inflation. Prices for fuel were also up 11.1 percent.

Higher prices for food and fuel hit the hundreds of millions of poor Indians living on $2 per day particularly hard because they spend roughly half of their income on the staple items.

via Mainichi

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