Commenting on inflation numbers Mr. Pankaj Patel, President, FICCI said, “an uptrend has been noted in both wholesale and retail based inflation rates announced today. The pressure was seen arising from the fuel segment. Global crude oil prices will remain under a close watch. Even though food prices have edged up a tad; but with two good crops and a preliminary forecast of normal monsoon in 2017 food prices are expected to remain range bound”. “The WPI inflation rate seems to be one off particularly because of the base effect and is expected to gradually settle down going ahead”, added Mr. Patel.
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