Indian official inflation is at 12% but in reality common people are facing hyperinflation of 30%
Kiran Chaube
Jun. 27, 2008

Indian inflation rose to a new 13-year high of 11.42 per cent for the week ended June 14, vastly higher than the 4.13 per cent in the corresponding week a year ago. That is what the Indian Government is telling the media. But Indian main streets are upset with the onslaught of inflation and Indian fiscal mismanagement.

According to sources, the commodities and services that affect common people in India is rising at a whopping rate of 30%. The Government keeps quiet. But the common people are suffering badly. Many Indian middle class household is deep in debt as they bought two or three cars, new apartment, furniture and so on loan. They never realized what it will mean when food prices go up at a rate higher than 30% per year.

Even the data released by the Central Statistical Organization (CSO) was accompanied by a steep revision of the provisional inflation figure of 7.57 per cent reported earlier for the week ended April 19. The final figure now stands at 8.23 per cent, once again underscoring the fact that inflation has been under reported throughout the recent months.

The biggest problem for India is subsidized petroleum products. When that subsidy is gone, the real inflation for the common people will be above 50% per year. That will crumble the financial infrastructure in the country.

Most middle class Indians depend on life insurance, bank deposits and so on. Rising inflation will make these household worth much less they can imagine create massive negative sentiment.

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