India inflation rate soars

India’s inflation hit a 13-year high of 12.44%, despite months of monetary tightening, the Ministry of Commerce announced.

The wholesale price index, the nation’s most-watched inflation indicator, rose to 12.44% for the week ending on August 2, up from 12.01% for the week before.

This time last year, annual inflation was only 4.39%, according to the ministry.