India's annual inflation as per the wholesale price index weakened more than economists expected in April, data released by the statistical office showed Tuesday.
The wholesale price index increased 4.89 percent year-on-year in April, significantly slower than the 5.96 percent gain recorded in March. Economists had forecast a 5.45 percent increase.
Prices of food articles rose 6.08 percent annually, and costs of non-food products advanced 7.59 percent. Fuel and power prices recorded a 8.84 percent increase from a year earlier.
Yesterday, the statistical office in a report said that inflation as per the consumer price index slowed to 9.39 percent in April from 10.39 percent in March. The price index for food and beverages climbed 10.61 percent, and costs of fuel and light rose by 8.1 percent.
The Reserve Bank of India earlier this month lowered its key rates by a quarter point for the third time this year to revive flagging economic growth. The bank also hinted that there is limited scope for further rate-cuts in the coming months.
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