India’s inflation rate accelerated to a 13-year high on a recent hike in retail fuel prices and because of an increase in non-food items.

India’s wholesale prices jumped 11.05 percent in the week to June 7, the highest since February 1995. The inflation rate was 8.75% in the previous week. India doesn’t calculate wholesale price inflation on a monthly basis.

Image credit : waterencyclopedia

Throughout the 1960s and 1970s there occurred a “Green Revolution” in which scientists, through selective plant breeding, developed highyielding varieties of key food crops, especially wheat, rice, and corn. Relying substantially on these varieties, India for several years in the 1970s was able to feed its population of almost 1 billion, and still have grain left over for export.

Indian President Pratibha Patil said a “second green revolution was need of the hour” in view of the global food crisis. She said that agriculture should be taken up with the same passion and drive as at the time of the green revolution in the 1960s.

India’s Annual inflation rose to 8.24 percent for the week ended May 24, the highest since August 2004, from 8.10 percent a week earlier, according to the Wholesale Price Index, the most watched cost tracker.

Indian government on Wednesday announced a hike in fuel prices to combat spurt in global oil prices.
According to the announcement

• Petrol prices were increased by 5 rupees
• Diesel prices were increased by 3 rupees and
• LPG prices were increased by 50 rupees

– the highest ever price raise