India inflation likely crept up slightly to a six-month high in April, driven mainly by food prices, a Reuters poll found, although holding below the Reserve Bank of India’s medium-term target of 4 percent for the ninth straight month.
If true, that would support expectations for the central bank to keep policy on hold through to the end of next year after cutting interest rates twice in a row, in February and April, ahead of national elections.
The latest Reuters poll of over 40 economists, conducted May 3-9, showed India retail inflation likely rose to 2.97 percent last month from 2.86 percent in March. The data is due May 13.
Forecasts ranged between 2.68 and 3.56 percent, with almost three-quarters pegging it at or below 3 percent.
“In continuation of the previous month’s trend we see further pickup in food prices and moderation in core,” noted economists at Citi. Read More
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