Indian Inflation Hit 10-Month Low in March
By Ed Frankl
Inflation in India fell to its lowest level since May 2023, ahead of likely interest-rate cuts from the country's central bank later this year.
The country's consumer-price index rose 4.85% on year in March, a decline from the from 5.09% in February, according to figures released Friday by the Indian government. Economists had expected inflation to ease to 4.9%, according to a consensus of estimates compiled by FactSet.
The reading was the third straight fall in inflation in a row, having been above 7% in July.
Food inflation remained higher than the headline rate, at 7.7%, while fuel was in deflationary territory, with prices 3.2% lower than the same point last year.
Though inflation is still above The Reserve Bank of India's 4% target, it has a tolerance band of 2% above and below that level. The central bank its key policy rate at 6.5% for the seventh meeting in a row last week.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
April 12, 2024 09:31 ET (13:31 GMT)
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