Wholesale Inflation Slows as India Cash Ban Damps Food Costs
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India’s wholesale inflation slowed more than estimated in the first full month following Prime Minister Narendra Modi’s clampdown on cash, as food prices plunged.
Wholesale prices rose 3.39 percent in December from a year earlier, the Commerce Ministry said in a statement in New Delhi on Monday. The median of 23 estimates in a Bloomberg survey of economists had predicted a 3.5 percent increase. Data last week showed that the benchmark consumer-price gauge eased to a two-year low as demand slumped.