NEW DELHI, Feb. 14 (UPI) -- Inflation in India fell in January to a three year low of 6.62 percent year on year from December's 7.18 percent, the government said Thursday.
The January drop in the wholesale price index, the country's main gauge, was the first time in more than three years the rate had fallen to less than 7 percent.
The news was welcome to the government which has been battling high inflation, rising deficits, tight money and a slowing economy for months.
Earlier this month, the government's statistics office said India's gross domestic product in the current fiscal year ending March 31 was expected to hit a decade low 5 percent.
Thursday's inflation figures could encourage policymakers to take growth-supportive measures, and increase calls for more interest rate cuts by the central bank, The Wall Street Journal reported.
|Additional Business News Stories|
ALGIERS, Algeria, May 24 (UPI) --Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
ARLINGTON, Va., May 24 (UPI) --BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.