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India's Weekly Inflation Drops enabling RBI To Cut Rates Further
Thursday November 20, 2008 06:00:00 EST
(RTTNews) - India's inflation dipped for the second straight week ended November 8 to 8.90% from 8.98% in the previous week and 3.20% during the corresponding week of the previous year, as per data published by the Ministry of Commerce and Industry.
The inflation, based on the wholesale price index, cooled mainly due to lower prices of food items, light diesel oil, aviation fuel and certain manufacturing items.
The official Wholesale Price Index for 'All Commodities' for the week ended November 8 declined by 0.2% to 235.0 from 235.5 for the previous week.
The wholesale price index is more closely watched in India than the consumer price index, which is published monthly, because it covers a higher number of products and is published weekly.
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