India's inflation rate has touched a three-and-a-half-year high of 7.61 per cent due to rising prices of food and some manufactured products, officials said Friday, according to DPA. The increase in the wholesale price-based inflation was recorded for the week ending April 26 from the same period a year earlier, official data showed. It was higher than the 7.57 per cent from the week that ended April 19 and the highest rate since November 2, 2004 when the prices rose 7.76 per cent. The wholesale price index, covering a larger number of products, is usually published weekly and is more closely watched than the consumer price index, which is published monthly. The inflation rate has continued to steadily climb over the past few months, much to the concern of the ruling United Progressive Alliance (UPA). The country will hold its general election next year and opposition parties have already started criticizing the UPA government for the rising prices that have hurt the common man's budget. Soon after the inflation data was released on Friday, Federal Finance Minister P Chidambaram assured that the government will take more steps to rein in the prices. But he said that the rise in inflation for the reporting week was not significant statistically and no country in the world was witnessing a downward trend in prices. "It is a matter of relief," he was quoted by the IANS news agency as saying, adding, "More administrative measures will be taken if needed. We are also persuading cement companies to roll back prices." Over the past few weeks, the government has already taken measures such as banning export of several commodities and lowering duties on imports of essential items to stem inflation.
