India's inflation rate falls to five-year low

Business News

Nov 8, 2007, 8:12 GMT

New Delhi - India's wholesale price-based index dropped below 3 per cent for the first time in five years to 2.97 per cent for the week ending October 27, India's federal Reserve Bank of India (RBI) said Thursday. The drop in the inflation rate has been attributed to falls in the prices of food articles and some manufactured items, according to data released by the RBI. The wholesale prices-based index stood at 5.35 per cent during the corresponding week a year ago. India's inflation rate was 2.86 per cent on July 20, 2002. The wholesale price index, covering a larger number of products, is usually published weekly, and is more closely watched than the consumer price index, which is published monthly. Inflation during the current week remained well below the RBI's projection of close to 5 per cent for the current fiscal year. © 2007 dpa - Deutsche Presse-Agentur

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