India's retail inflation is expected to have accelerated in March on slight...
BENGALURU - India’s retail inflation is expected to have accelerated in March on slightly higher food prices but remain under the Reserve Bank of India’s medium-term target of 4 percent, a Reuters poll predicted.
According to the median consensus of over 40 economists polled by Reuters between April 4-8, consumer prices rose at an annual rate of 2.80 percent in March, up from 2.57 percent in February.“Headline CPI inflation will have remained low in March, even if, as we suspect, it rose slightly as food inflation continues to pick up. In particular, the sharp fall in vegetable inflation over recent months appears to have bottomed out,” said Shilan Shah, senior India economist at Capital Economics.
“Transport and utilities - which are clearly being driven by the rise in oil prices - are driving headline inflation higher on a year-on-year basis,” said Prakash Sakpal, Asia economist at ING. “The growth argument is not strong for easing policy just yet. Growth is slowing indeed, but it is not just India, it is slowing everywhere. India still has very strong domestic demand,” said ING’s Sakpal.
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