India’s inflation rose less than expected in March, taking pressure off the central bank for more action after it unexpectedly tightened monetary policy last week.
The data gives the Reserve Bank of India time to assess the outlook for the $2-trillion economy after Governor Urjit Patel last week unexpectedly raised the reverse repo rate to fight inflation, following the U.S. Federal Reserve in withdrawing stimulus. The numbers further indicate the impact of demonetization is waning, though other indicators point to strengthening activity and rising employment.
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