New Delhi: June 20: India's key inflation rate touched a 13-year high of 11.05 percent for the week ended June 7 that was spiked by the central government announcing a significant announced hikes in prices of petrol, diesel and cooking gas.
The (WPI) wholesale price index India's most-watched inflation gauge, for the fuel, power, light and lubricants group showed a 7.8 percent rise and accounted in a big way for the high inflation rate. In India this quick rise in inflation has affected the life of the poor and middle class by seriously impacting their purchasing power. The rise in gas prices and commodity prices that has impacted the lives of the common man globally in not really due to a gap between demand and supply but Futures Trading and speculation in commodities that indulge in hedge funds. Making big investors and major banks culprits for the current plight of billions globally.
The news impacted stocks in India and the Bombay Stock Exchange's benchmark Sensex index fell 2 percent to 14,779.
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