Inflation cools further to 12.34 per cent

Continuing its southward journey, inflation further slipped to 12.34 per cent for the week ended August 23 from 12.4 per cent recorded a week earlier.

The nation’s annual inflation rate, however, was expected to have inched up in the third week of August to 12.44 per cent, driven by higher prices of some commodities and demand pressures in economy, a Reuters poll showed earlier.

The decline in inflation last week was largely on account of the drop in the global crude prices and marginal easing of prices of essentials such as fruits, vegetables, eggs, meat and fish.