India's inflation dips slightly for third successive week

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NEW DELHI, Sept 13 (AFP): India's inflation rate has slowed for a third consecutive week, official data showed yesterday, but remained above the 12 per cent mark.
Annual inflation slipped to 12.10 per cent for the week ended August 30 from 12.34 per cent a week earlier, according to the Wholesale Price Index, India's most-watched cost-of-living monitor.
The figure was slightly above analysts' forecasts and still far above the central bank's target of seven per cent for the fiscal year to March 31, 2009. Economists say they expect India's central bank to still tighten monetary policy at least one more time to get inflation under control before gradually starting to lower interest rates, most likely in 2009.