India May Inflation at 5-Year Low

Consumer inflation fell to its lowest in at least five years in May because of softer food prices, raising hopes the Reserve Bank of India may cut rates to boost the struggling industrial sector, PTI reported. Retail inflation declined to 2.1% in May from 2.99% in April, according to data released by the statistics office. Separately released numbers showed industrial growth at 3.1% in April, below the upwardly revised 3.8% figure for March. May’s retail inflation is the lowest since the government began issuing data based on the consumer price index in 2012.