Inflation to hover in the range of 6.25 per cent
By PTI |
MUMBAI: India's wholesale price inflation rate is forecast at 6.25 percent for the 12 months to Feb. 17, down from 6.63 per cent a week earlier, a Reuters poll of 11 analysts showed.
The confirmed inflation figure will be released around noon on Friday. The annual inflation rate hit 6.73 per cent on Feb. 3, its highest in more than two years.
In January, the central bank raised its short-term lending rate by 25 basis points to 7.50 percent and last month it announced an increase in the cash reserve ratio – the percentage of banks' deposits they keep with it -- to rein in inflation and curb credit growth.
In the 2007/08 budget released on Wednesday, the government slashed duties on a host of items to control inflation. The wholesale price index is more closely watched than the consumer price index (CPI) because it includes a higher number of products and is published weekly. The CPI is released monthly.
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