India Wholesale Inflation Eases Less Than Estimate Amid Cash Ban

India’s wholesale inflation eased less than estimated, complicating the outlook for policy makers after the benchmark gauge slumped.

Wholesale prices rose 3.15 percent in November from a year earlier, the Commerce Ministry said in a statement on Wednesday. That’s slower than the previous month’s 3.4 percent, but faster than the 3.1 percent decline predicted by the median of 29 estimates in a Bloomberg survey of economists.

Data on Tuesday showed benchmark consumer-price inflation slumped to a two-year low of 3.63 percent, compared with 3.9 percent estimated in a survey. Prime Minister Narendra Modi’s Nov. 8 decision to ban high-value currency notes is denting demand in India’s cash-based economy, pushing policy makers to scrutinize each set of economic data to assess its impact.

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