NEW DELHI: Consumers in India are not the only ones who have to pay more for essentials such as food, housing and energy. Rather, Indian consumers appear to be relatively protected from the impact of spiralling prices of food, energy and commodities compared with their counterparts in other emerging nations such as China and Russia.
In China, the consumer price index (CPI) rose 8.7% in February 2008 compared with 2.7% a year ago due to higher prices of food. Likewise, in Russia, prices climbed 12.7% from 7.6% in February 2007.
Even consumers in the oil-rich West Asian countries have not been spared the impact of rapidly rising prices, although they are not hurt by the surge in prices of petroleum. For instance, CPI inflation in Saudi Arabia rose to 9.8% in February from 5.7% a year earlier.
The steepest increases in the CPI were experienced in Hong Kong, where prices rose 6.3% in February from 0.8% a year ago, and in Singapore, where inflation was at 6.5% last month against 0.6% a year ago. Prices rose 3.9% in Taiwan after declining 2.2% in February 2007 while in Pakistan, CPI was up 11.3% (7.4% a year ago).
The scenario in Latin America is mixed. Mexico and Argentina reported slower rise in inflation at 3.7% and 8.4%, respectively, compared with 4.1% and 9.6% a year ago. Brazil reported a moderately increasing rate (4.6% from 3% a year ago) while Chile experienced an 8.1% rise in CPI compared with 2.7% a year ago and Venezuela 25.2% against 20.4% last year.
The developed world has also not been spared the rise in prices. Japan on Friday reported that consumer prices rose at the fastest pace in a decade, with core prices, which exclude fruit, fish and vegetables, climbing 1% in February from a year earlier. The Europe area, too, has seen prices rise faster: 3.3% in February 2008 against 1.8% a year ago and in the US, CPI rose 4% against 2.4% in the same period in the previous year.
In China, the consumer price index (CPI) rose 8.7% in February 2008 compared with 2.7% a year ago due to higher prices of food. Likewise, in Russia, prices climbed 12.7% from 7.6% in February 2007.
Even consumers in the oil-rich West Asian countries have not been spared the impact of rapidly rising prices, although they are not hurt by the surge in prices of petroleum. For instance, CPI inflation in Saudi Arabia rose to 9.8% in February from 5.7% a year earlier.
The steepest increases in the CPI were experienced in Hong Kong, where prices rose 6.3% in February from 0.8% a year ago, and in Singapore, where inflation was at 6.5% last month against 0.6% a year ago. Prices rose 3.9% in Taiwan after declining 2.2% in February 2007 while in Pakistan, CPI was up 11.3% (7.4% a year ago).
The scenario in Latin America is mixed. Mexico and Argentina reported slower rise in inflation at 3.7% and 8.4%, respectively, compared with 4.1% and 9.6% a year ago. Brazil reported a moderately increasing rate (4.6% from 3% a year ago) while Chile experienced an 8.1% rise in CPI compared with 2.7% a year ago and Venezuela 25.2% against 20.4% last year.
The developed world has also not been spared the rise in prices. Japan on Friday reported that consumer prices rose at the fastest pace in a decade, with core prices, which exclude fruit, fish and vegetables, climbing 1% in February from a year earlier. The Europe area, too, has seen prices rise faster: 3.3% in February 2008 against 1.8% a year ago and in the US, CPI rose 4% against 2.4% in the same period in the previous year.
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