Indian wholesale prices fell for a sixth consecutive month in April with an annual decline of 2.65% reported.
The reading, below the 2.33% fall of March, was the lowest level on record.
This chart tweeted by Westpac’s Huw Mackay shortly after the release shows the scale of price declines.
Food inflation increased by 5.73%, down from 6.31% in March, although this was more than offset by a huge decline in energy prices which collapsed 13.03%.
The Reserve Bank of India next meet on June 2 with a 0.25% reduction to its benchmark repo rate widely expected by financial markets.