India's WPI inflation has surprisingly dropped to 7.45% for the month of October, as compared to 7.81% for the previous month and 9.87% during the corresponding month of the previous year. Build up inflation in the financial year so far was 4.78% compared to a build up of 5.02% in the corresponding period of the previous year.
Manufactured products inflation was at 5.95%, a growth of 0.1%. October primary articles inflation was placed at 8.2%, down 0.1% month-on-month.
The August WPI inflation has been revised to 8.01% from 7.55%.
The drop in Oct WPI inflation has surprised analysts who were largely expecting WPI inflation numbers closer to 8%. The fall in inflation is likely to be good news for the markets and industry who would now expect the RBI to begin cutting interest rates.
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