Indian Wholesale Prices Drop for 12th Month, Matching Estimateby
WPI contracts 3.81% in October; Analysts saw 3.8% drop
Consumer prices in October rose 5%, from 4.41% in September
India’s wholesale prices fell for a 12th straight month even while the pace of deflation eased.
Wholesale prices shrank 3.81 percent in October from a year earlier after a 4.54 percent contraction in September, the Commerce Ministry said in a statement on Monday. The median of 30 estimates in a Bloomberg survey of economists had predicted a 3.8 percent decline.
India’s consumer prices -- the central bank’s benchmark -- rose 5 percent in October from a year earlier after a 4.41 percent increase in September. Reserve Bank of India Governor Raghuram Rajan has said he can reach his 5 percent CPI target for March 2017 with the current monetary stance. He reviews rates again on Dec. 1.