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India's wholesale inflation rises to 9% in March

India's wholesale inflation rises to 9% in March (by Chris Oliver)

HONG KONG (MarketWatch) -- India's wholesale prices rose a faster-than forecast 9% in March from a year earlier, accelerating from a 8.3% rise in February, according to government data released Friday. The rate was above consensus expectations for 8.4% rise, and would likely prompt the Reserve Bank of India to undertake additional policy tightening at its next meeting in May, analysts said. "Difficult to tame inflation needs to be addressed through further rate hikes and the RBI may finally feel compelled to move more aggressively at May's monetary policy meeting," wrote HSBC Holdings' Chief Economists for India and ASEAN Leif Lybecker Eskesen in a note following the data release. He added that policy rates would need to be tightened in half percentage point moves to be meaningful. Meanwhile, core inflation, which strips out food and energy prices, rose 7.1% from a year earlier, accelerating from a February's 6% rise.

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India's wholesale inflation rises to 9% in March