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Posted on 10/16/2013 1:51:41 AM PDT by TexGrill
Indian inflation unexpectedly accelerated to a seven-month high in September, adding to the case for a further increase in the benchmark interest rate.
The wholesale-price index rose 6.46 percent from a year earlier, compared with a 6.1 percent advance in August, the Commerce Ministry said in New Delhi on Monday.
The median of 33 estimates in a Bloomberg News survey was for a 6 percent climb.
Gov. Raghuram Rajan, who took over at the Reserve Bank of India last month, raised the repurchase rate to 7.5 percent after vowing to tame inflation, which was almost 10 percent in September based on a separate gauge of consumer prices released today.
The cost of living is jumping even as economic growth slows, stoked by food prices and weakness in the rupee that makes imports more expensive.
(Excerpt) Read more at the-japan-news.com ...
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