(MENAFN) Data showed that India's wholesales price inflation slowed in August, hitting five-year low, but the government decreased hopes of an interest rate cut, Arab News reported.
The better-than-expected wholesale price inflation performance came on the back of a marginal weakening in retail prices in August to 7.8 percent on-year from 7.96 percent in July.
"Inflation has come down. This is consistent with our forecast and I am glad it is staying with our view" Reserve Bank of India Governor said in a statement before the data was released.
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