April WPI inflation fell sharply to -2.65 per cent, raising the prospects of an interest rate cut by the RBI. The inflation reading for the month of March 2015 was -2.33 per cent.

The manufacturing index declined by 0.1 percent. This index has a huge weightage of 64 per cent in the overall WPI index.

Today's WPI reading comes along with a sharp fall in the CPI inflation reading, raising the prospects of another interest rate cut by the RBI later this month or in its policy meet to be held on June 2, 2015.

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