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Inflation dives to nine-month low of 6.84%

Inflation dives to nine-month low of 6.84%
A cut in petrol and diesel prices pushed inflation down to 6.84 per cent, the lowest in nine months, even as the Finance Ministry said this could help further ease interest rates in the economy.
Inflation, measured by wholesale price movement, dipped by 1.16 per cent for the week ended 6th December from the previous week, triggering demands from the industry for further cuts in key policy rates by the Reserve Bank.
Inflation, which touched a peak of 12.91 per cent in August, has fallen for the sixth straight week mainly on account of fall in crude prices in the international market.
Per barrel crude prices have dipped to about USD 40 from a high of USD 147 in July. The fuel index itself has dipped by 3.7 per cent in the week under review.
Apart from fruits and vegetables, prices of imported edible oil, rice bran oil and coconut oil declined. Prices of chemicals and chemical products declined, and those of transport equipment and parts also turned cheaper.

D K Joshi, Principal Economist, Crisil, said, "I expect the RBI's policy to remain aggressive. It might go for further rate cuts. By March, I expect the rate of inflation to come down to 2-3 per cent."

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