Inflation seen at 8.99 pct on Nov 8

Inflation rate is forecast to have held at 5-½ month lows near 9 pct in the week to Nov 8.

India’s annual inflation rate is forecast to have held at 5-½ month lows near 9 per cent in the week to Nov 8, a Reuters poll showed on Wednesday.

The median forecast of 11 economists was for a 8.99 per cent rise in the wholesale price index in the 12 months to Nov. 8, compared with 8.98 per cent a week earlier.

The Nov. 1 inflation rate was the lowest since May 24, when it was 8.90 per cent.

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Inflation had surged into double digits in the first week of June after a hike in state-set retail fuel prices, and peaked at 12.91 per cent on Aug. 2, the highest reading since annual numbers in the current data series became available in April 1995.

“Going ahead with the trend seen so far, the easing of petrol prices had continued in this week as well, so that will impact in the fuel index coming down,” said Rupa Rege Nitsure, chief economist at Bank of Baroda.

The inflation data is due around 6 p.m. (1230 GMT) on Thursday, although it has been released earlier in recent weeks.

The wholesale price index is more closely watched than the consumer price index (CPI) because it includes more products and is also published weekly. The CPI is released monthly.

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