India May inflation hits seven-month high; still room for rate cut [Reuters]
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Source: Reuters
India May inflation hits seven-month high; still room for rate cut - Reuters 3 Min Read NEW DELHI (Reuters) - India’s retail inflation rate hit a seven-month high in May due to higher food prices, government data showed on Wednesday, but stayed below the central bank’s target and potentially gives it room for more interest rate cuts to help a sluggish economy. Annual retail inflation in May was 3.05%, up from the revised 2.99% in the previous month, and above forecasts by analysts. A Reuters poll had predicted a retail inflation rate of 3.01% for May. Core consumer inflation, which strips out food and fuel prices, was estimated at 4.1-4.2% in May, lower than April’s 4.53%-4.57%, three analysts said after seeing the inflation figures on Wednesday. While food inflation has been rising, the moderation in core inflation has capped the overall inflationary pressures in the economy, said Tushar Arora, senior economist at HDFC Bank. “We believe that overall inflation would remain subdued, al
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