India cuts fuel prices
Unb, New Delhi
India's inflation rate has reached a two-year high of 6.73 percent, the government said yesterday, even as it ordered fuel prices cut in the latest of a series of moves to rein in inflation.The spike in inflation in recent months, which has come alongside a robust economic growth, has stoked fears among experts that the Indian economy might be overheating. The latest update on prices further heightened those fears, but the government insists that the rise in the inflation rate is "temporary." "There is no overheating of the economy," Commerce and Industry Minister Kamal Nath told reporters after the data came out.
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