By Nick Godt
MUMBAI (MarketWatch) -- India's food-inflation rate rose to 8.55% in the week ended May 14, as compared with the year-ago week, up from a 7.47% rate in the previous week, India's Ministry of Commerce and Industry said Thursday. The fuel-price index, at a 12.11% year-on-year rate, was unchanged from the previous week. In April, wholesale inflation jumped to 8.98% from 8.31% the previous month. In April, year-on-year wholesale inflation came in at 8.66%, again due to higher fuel and food prices, according to the government's data. The Reserve Bank of India earlier this month hiked interest rates by a bigger-than-expected 0.5 percentage point, saying that curbing inflation was more important than short-term growth.
