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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India inflation falls to single digits, rate cuts seen AFP - Friday, November 14 NEW DELHI (AFP) - - India's inflation, which had ratcheted up to 13-year highs, fell unexpectedly to single digits, opening the door to more aggressive rate cuts to spur a flagging economy, analysts said Thursday. Inflation in Asia's third-largest economy tumbled by nearly two percentage points to 8.98 percent for the week to November 1 from 10.72 percent a week earlier, official data showed, pulled down by sliding fuel and metal prices. "Inflation now is becoming the least of the central bank's worries," Dharma Kriti Joshi, economist at Crisil credit rating agency, told AFP. It was the first time in five months India's annual inflation rate was at single digit levels and economists expected it to fall further. The drop in the Wholesale Price Index, the most watched cost of living monitor, was far bigger than expected by economists, who had forecast inflation of around 10.30 percent. Inflation was at 13-year highs of nearly 13 percent in August, but has been declining as commodity prices slide and consumer demand drops amid the global financial crisis. It has fallen faster than expected, giving the central bank leeway to more "aggressively" cut rates to spur the stumbling economy, said Joshi. "Risks have shifted from inflation to growth -- it's very critical to give a boost to domestic demand," he said, forecasting inflation at 5.5-6.0 percent by March -- well within the central bank's stated comfort zone. The inflation drop came as a big relief for the Congress-led government which has been desperate to tame prices, fearing a voter backlash in national elections due by May 2009. Congress has suffered a string of state poll defeats and inflation, which has hit India's poor masses hardest, has been blamed as a key factor. It faces a new set of state polls starting this weekend seen as a mini performance referendum. Until recently, India believed it would be relatively unharmed by the global turmoil thanks to its vast domestic market of 1.1 billion people and small trade exposure. But recent data has shown its economy fast losing steam. On Wednesday, figures showed industrial output for the first six months of the fiscal year to March 2009 rose 4.9 percent -- less than half the 9.5 percent rate logged a year earlier. After vigorously raising rates to fight inflation, the central bank recently changed tack and earlier this month cut its key short-term lending rate, the repo, for the second time in two weeks to stimulate the economy. The repo rate is at 7.5 percent, still high by world standards. Economists forecast another 100 basis point cut by year end and other easing measures. Yes Bank Chief Economist Subhada Rao said she expected more moves soon to cut interest rates and ease a credit crunch "in the near term." Premier Manmohan Singh expects the economy will grow by 7.0-7.5 percent this fiscal year after three years of at least nine percent growth, but economists see expansion as low as 6.7 percent. The rate is still robust compared to anaemic Western levels, but economists say India needs to grow by double-digits to alleviate desperate poverty. The government must rely on the central bank to stimulate the economy after a high-spending pre-election budget in February that stretched its fiscal limits, analysts say. The fall came days after neighbouring China's inflation rate hit a 17-month low of 4.0 percent in October, down from 4.6 percent the previous month, confirming a trend for weakening inflation in the world's fourth-largest economy. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Mayors, governors prod Congress for financial helpAP - 2 hours 35 minutes ago In bad economy, boat owners abandon their vesselsAP - Friday, November 14 Ferre house owner posts 9-mth loss, sees sales dropReuters - Friday, November 14 IMF 'waiting' for details from Japan on crisis fundingAFP - Friday, November 14 Related Articles: Business Japan to offer up to $100B for IMF bailout fundAP - 1 hour 1 minute ago AMD makeover moves show limited choices in slumpAP - 1 hour 8 minutes ago UPDATE 1-SingTel gets S$1.075 bln in bank financingReuters - 1 hour 13 minutes ago RPT-Nintendo says sold over 800,000 Wii in U.S. in OctReuters - 1 hour 15 minutes ago US Steel lays off 675 workers in US, CanadaAP - 1 hour 37 minutes ago Enlarge Photo India inflation falls to single digits, rate cuts seen Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Oil price dives under 55 dollars per barrel in London Earth would be heading to a freeze without CO2 emissions View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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