The Wholesale Prices in India, W.P.I Index based rate of inflation for the week ending 26.07.2008 has been provisionally estimated at 12.01% as against the previous week's level of 11.98%.
The textiles group has an overall weight of 9.8% in the WPI Index and hence it is an important group in measuring inflation.
The index for 'Textile' group rose by 0.4% to 141.5 (Provisional) as on 26.07.2008 from 140.9 (Provisional) for the previous week due to higher prices of woollen yarn (8%) woollen cloth (6%), hessian & sacking bags (2%), raw cotton (1.68%) and cotton yarn-'hanks (1.25%).
The annual inflation in respect of the textile group of items was 6.55% as compared to 12.01% for all commodities for the week ending 26.07.2008.
However, the weekly inflation is higher at 0.43% in respect of the textiles group as compared to 0.13% for all commodities.
This is mainly because of the higher prices recorded by woollen textiles and cotton yarn and cotton yarn-'hanks. (Details Annexed).
With a view to stabilizing the price of cotton, the Government has withdrawn the 14.37% import duty on raw cotton w.e.f. July 08, 2008.
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