Retail inflation fell sharply to 4.87 per cent and way below consensus estimates raising the prospects of another interest rate cut from the Reserve Bank of India (RBI).
CPI food inflation was at 5.11 percent as against 6.14 percent (month-on-month). Vegetable price inflation came in at 6.63 percent against 11.26 percent (MoM) while clothing, footwear inflation at 6.15 percent versus 6.27 percent (MoM).
Meanwhile, the Index for Industrial Production was placed at at 2.1 percent against 5 percent last month.
Today's better than expected retail inflation data raises the prospects of yet another interest rate cut from the Reserve Bank of India (RBI).
Analysts say that the decline in inflation may lead the RBI to cut interest rates even before the policy meet to be held in Jan.
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