Inflation based on the wholesale price index rose 5.07% in 12 months to 24 January 2009, below the previous week's annual rise of 5.64%, data released by the government today, 5 February 2009, showed on Thursday. It was the slowest annual rise since 9 February 2008 when inflation was at 4.98%.
The Reserve Bank of India (RBI) said in its monetary policy review on 27 January 2009 it expected annual inflation to be below 3% by the end of the 2008/09 fiscal year in March 2009.
The recent cut in oil prices by the government would further help bring down inflation. The government on 28 January 2009 announced cut in the prices of petrol, diesel and LPG. Petrol prices were cut by Rs 5 per litre and diesel prices by Rs 2 a litre. LPG price was cut by Rs 25 per cylinder.
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