NEW DELHI: Relieved that inflation during the week-ended July 5 rose by only 0.02 per cent, the Finance Ministry on Thursday said the rate of price rise has stabilised on week-on-week basis, with prices of many essential items either declining or remaining static.

“The rate of inflation for the week ending July 5, 2008 stands at 11.91 per cent, very marginally higher than the rate of 11.89 per cent reported last week… Inflation, on a week- on-week basis, has stabilised,” the Finance Ministry said in a statement released along with official figure on inflation.

The statement said annual inflation rate for the group of 30 essential commodities has declined to 5.74 per cent during the week ending July 5 from 5.98 per cent reported last week.

Prices of essential commodities which include foodgrain, pulses, edible oils, vegetables, dairy products and some other commodities including kerosene, soap and safety matches have more or less stabilised.

The annual inflation has declined to 9.92 per cent in the primary articles group during the week compared to 10.84 per cent reported last week.

Out of a total of 98 articles, 13 have shown a decline in prices, compared to June 28, 2008. These include rice, jowar, onion, brinjal, black pepper, okra, barley, groundnut seed, gram and banana.

Another 57 items have shown no rise in prices, it said. In the case of manufactured products, of a total 320 commodities, a large number of 281 have shown no increase in prices over the last week, while in the case of 12 commodities there is a decline in prices, the ministry said.

These commodities include salt, sugar, other iron and steel, lead ingots, zinc ingots, groundnut oil, deoiled cake, bran, liquid, liquid chlorine and caustic soda.