India's wholesale price index rose 1.21 per cent in the 12 months to Oct. 10,higher than previous week's annual rise of 0.92 per cent,government data showed on Thursday. It compared with a median forecast of a 1.13 per cent rise in a Reuters poll. The annual inflation rate was 11.30 per cent during the corresponding week of 2008. On Wednesday,the prime minister's economic advisory council forecast inflation at around 6 per cent by the end of March,higher than the central bank's estimate of 5 per cent,but lower than 8 per cent pegged by some private analysts. The panel's chairman C. Rangarajan said the Reserve Bank of India is expected to leave interest rates unchanged when it reviews policy at its quarterly meeting on Oct. 27,and the easy monetary stance could continue until end of March. The wholesale price index is more closely watched than the consumer price index,which is published monthly,because it covers a higher number of products and is released weekly. On Monday,the Indian cabinet approved the launch of a new monthly inflation data series with 2004 as the base year.
