Wholesale Inflation Falls 4.05% in July, Lowest in Nearly a Decade

New Delhi: Wholesale inflation fell at a faster-than-expected annual rate of 4.05 per cent in July, their ninth straight decline and their lowest in at least a decade, mainly driven by weak food and fuel prices, government data showed.
  The data, released on Friday, compared with a 2.8 per cent year-on-year fall forecast by economists in a Reuters poll and a provisional 2.4 per cent annual decline in June.
  The wholesale food prices fell 1.16 per cent year-on-year, while fuel prices fell 12.81 per cent from a year ago.
  Retail inflation has cooled to a record low of 3.78 per cent in July, adding pressure on the central bank chief Raghuram Rajan to cut interest rates after China devalued its currency this week.
  The Reserve Bank of India kept rates unchanged at 7.25 per cent this month even though the government and industry have been urging for lower cost of borrowing.