India’s April wholesale inflation slows to 13-month low as food prices fall

New Delhi (Reuters): India’s wholesale inflation in April slowed to a 13-month low on the back of moderating food prices, government data showed on Wednesday.

In April, wholesale inflation, a proxy for producer prices, recorded at 0.85% year-on-year, compared to 2.05% in March.

The print was lower than the 1.76% projected by economists in a Reuters poll and slowest since March 2024.

Wholesale food prices rose 2.55% year-on-year in April, against a 4.66% rise in March. Vegetable prices fell 18.26%, compared to a 15.88% drop in the prior month.

On Tuesday, government data showed that India’s retail inflation remained below the central bank’s 4% target for a third consecutive month, opening up room for more interest rate cuts to support growth. – Reuters