Consumer price inflation in India was slower than expected in April, rising 2.99%, compared with estimates of 3.30%, reports Bloomberg. Food costs were up 0.61%, versus forecast of a 2.01% increase.
- Easing inflation could give the central bank more room to ease policy in coming months
- Central bank unexpectedly raised reverse repo rate last month, keeping benchmark unchanged to dampen inflation, amid concerns of higher input costs, salary hikes and July 1 launch of goods and services tax
- Policy review coming next month, with aim to keep inflation near 4% in medium term
- Food and beverage prices were up 1.21%
- Fuel and lighting up 6.13%
- Clothing and footwear rose 4.58%
- Wholesale prices saw a 3.85% increase on revised base year of 2011 to 2012
- Factory output rose 2.7% yoy in March
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