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December inflation at 7.47%: govt

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Agencies

Posted: Jan 16, 2012 at 1223 hrs IST

India's wholesale price index (WPI) was almost in-line with market expectations at 7.47 percent in December from a year earlier, government data showed on Monday.

The median inflation forecast in a poll was for a 7.5 percent rise.

The WPI, which is more closely watched than the consumer price index (CPI) in India as it covers a higher number of products, remained stubbornly above 9 percent for a year till November.

In response, the central bank, the Reserve Bank of India raised interest rates by a total 375 basis points since early 2010, but is now expected to focus on slowing growth at its policy review on Jan. 24.

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