Indian wholesale price deflation accelerated to the fastest pace on record in August with the government reporting an annual decline of 4.95%
The figure was well below the 4.05% decline registered in the 12 months to July, and missed expectations for an acceleration to 4.40%.
A huge decline in fuel price inflation, plunging 16.5% compared to 12.81% in July, was entirely responsible for the ugly headline miss.
Reflective of that view, food price deflation moderated to 1.13% from 1.20% in July, while manufacturing deflation quickened to 1.92% from 1.47%.
The Reserve Bank of India next meet to discuss monetary policy on September 29.
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