India’s wholesale inflation in April slowed to a 13-month low on the back of moderating food prices, government data showed on Wednesday.In April, wholesale inflation, a proxy for producer prices, recorded at 0.85% year-on-year, compared to 2.05% in March.
The print was lower than the 1.76% projected by economists in a Reuters poll and slowest since March 2024.
Wholesale food prices rose 2.55% year-on-year in April, against a 4.66% rise in March. Vegetable prices fell 18.26%, compared to a 15.88% drop in the prior month.On Tuesday, government data showed that India’s retail inflation remained below the central bank’s 4% target for a third consecutive month, opening up room for more interest rate cuts to support growth.The Reserve Bank of India (RBI) has already cut its key repo rate for a second consecutive time this year.Meanwhile, fuel and power prices fell 2.18% year-on-year, compared to a 0.20% rise in the previous month.
Source link
