India: Consumer price increases slow

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India’s consumer price gains slowed more than economists predicted, easing pressure on Reserve Bank of India governor Raghuram Rajan to keep interest rates elevated as he fights Asia’s fastest inflation. Consumer prices rose 7.31 percent year on year last month compared with 8.28 percent in May, the statistics ministry said yesterday. The median of 35 estimates in a survey was for a 7.7 percent gain. The wholesale price index increased an annual 5.43 percent last month compared with 6.01 percent in May, the commerce ministry said. Rajan hinted last month he would ease monetary policy if consumer-price inflation was on pace to fall below 8 percent next January. – Bloomberg

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