MUMBAI, India (AP) — India's key inflation rate has dropped to its lowest level in nine months. The easing of the price increases comes less than a month before general elections in the world's most populous democracy.
The wholesale price index for February was 4.7 percent higher than the same month the previous year. The benchmark inflation index has dropped from 7.5 percent in November.
Friday's data was the latest positive news this week for Asia's third-largest economy. India has been suffering from a combination of low growth and high inflation that has limited the central bank's scope to stimulate the economy by cutting interest rates.
Still, frustration with high prices and anemic growth are likely to hurt the ruling coalition government led by the Congress party in elections beginning April 7.