India inflation over 12 percent

New Delhi -- India's wholesale inflation rose more than 12 percent in the week ended July 26, the highest in over a decade, putting more pressure on the country's growth.

The finance ministry blamed the 12.01 percent rate, up from 11.98 the previous week, on higher prices of edibles, mostly spices, eggs, fish and meat.

The Times of India reported prices of most food items went up, although some items like fruits showed downward a trend.

The ministry said the annual inflation rate for 30 essential commodities remained between 5.7 percent and 6.7 percent in 17 weeks of the current fiscal year.

Chief statistician Pronab Sen was quoted as saying inflation is not accelerating as prices have reached a plateau.

"This is news for comfort," Sen said.

Stocks on India's major markets drifted lower Friday on higher international crude prices, the report said.

Copyright 2008 by United Press International.