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WPI
in March was 1.34% year-on-year, lower than 3.85% in the
previous month and a Reuters poll of 1.87%.
In March, the food index rose 2.32% year-on-year compared with
2.76% in February, while fuel and power rose 8.96%, slowing from
the 14.82% rate.
WPI on manufactured products fell 0.28%, compared with a fall of
0.14% in the previous month.
"Input costs have fallen across the world. High base effect is
also showing its impact," said Emkay Global's economist Madhavi
Arora.
Inflation pressures in the South Asian country have begun to
show signs of easing in the last few months.
Last week government data showed India's annual retail inflation
for March rose at the slowest pace in nearly 15 months and was
below the central bank's upper tolerance level for the first
time this year.
Earlier this month, Reserve Bank of India surprised markets by
holding its key repo rate steady after six consecutive hikes,
saying the tightening over the past 12 months would start to
weigh on the future inflation trajectory.
Forecast of normal monsoon rains in 2023 has helped ease some
concern of another bout of price increases in Asia's third
largest economy.
(Reporting by Aftab Ahmed; Editing by Kim Coghill and Shri
Navaratnam)
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