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Financial News: India's Inflation Lowest Since 2012

India's Inflation Lowest Since 2012

06/12/2017 - 08:31:00 (RTTNews)

(RTTNews) - India's consumer price inflation slowed to the weakest since 2012, data published by the Central Statistics Office revealed Monday.

Consumer prices advanced 2.18 percent year-on-year in May, following April's 2.99 percent increase.

This was the lowest since the series began in 2012. Economists had forecast the annual rate to ease moderately to 2.4 percent.

At the bi-monthly monetary policy meeting in June, the Reserve Bank of India said headline inflation will be in the range of 2.0-3.5 percent in the first half of the year and 3.5-4.5 percent in the second half.

The consumer food price index declined 1.05 percent, in contrast to April's 0.61 percent increase, the statistical office said Monday.

Clothing and footwear prices advanced 4.41 percent and housing costs by 4.84 percent from previous year. At the same time, cost of fuel and light climbed 5.46 percent. Meanwhile, food and beverages prices dropped 0.22 percent.

On a monthly basis, overall consumer prices gained only 0.23 percent.

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