The Government's worst fear of a double-digit inflation may soon come true, as inflation has climbed to its highest level in seven years and may jump to a double-digit mark on the back of the recent hike in fuel prices.
Inflation, based on the wholesale price index (WPI), rose to 8.75% in the week ended May 31 from 7.24% in the previous week, the Commerce & Industry Ministry said in a statement. The reading is much higher than average forecast of 8.25-8.35%.
Inflation is now at the highest level since February 10, 2001 when it was 8.77
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