Indian annual inflation rises

India's annual wholesale price inflation inched up to a new 3-1/2-year high of 7.61 percent in the year to July 31 on higher food and oilseed prices, adding to fears of a potential interest rate rise in the near term.
Government data out on Friday showed that inflation had risen from 7.51 percent the previous week and was higher than the 7.5 percent median estimate in a recent Reuters poll of analysts.
The latest rate is the highest since the 8.49 percent rate for the year to February 17, 2001.
The government also revised the wholesale price inflation figure for the week ended June 5 to 6.70 percent from the earlier 5.55 percent.