India inflation drops to 3-year low of 6.6 percent

MUMBAI, India -- India says its stubbornly high inflation eased to 6.6 percent in January, adding to expectations the central bank will further reduce interest rates to boost slowing growth.

The wholesale price index released Thursday shows inflation at a three-year low after dropping from 7.2 percent in December.

High inflation has been a main reason that the Reserve Bank of India has hesitated to cut interest rates to stimulate investment and spending.

India's economy is expanding at its slowest pace in a decade, predicted to grow as little 5 percent in the fiscal year ending in March.

The easing of inflation pressure gives the central bank more scope to lower borrowing costs but many analysts say the cuts won't be large as inflation is still higher than the RBI would like.

Source: http://www.miamiherald.com/2013/02/14/3233785/india-inflation-drops-to-3-year.html

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