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India and UK Inflation Decline in March, but Diverging Outlooks Emerge

India's inflation drops to multi-year lows, prompting monetary easing, while UK inflation moderates but faces upward pressures from rising household bills.

Overview

  • India's retail inflation fell to 3.34% in March, its lowest level since August 2019, driven by significant drops in food prices such as vegetables, eggs, and pulses.
  • Wholesale inflation in India also eased to 2.05% in March, reflecting a broader trend of declining price pressures across food and fuel categories.
  • The Bank of India has adopted an accommodative monetary policy, cutting the repo rate by 25 basis points on April 9, with further reductions anticipated in June.
  • In the UK, inflation fell to 2.6% in March, aided by lower fuel costs, but April's utility and council tax hikes are expected to drive inflation higher in the coming months.
  • India's inflation outlook remains stable due to forecasts of a normal monsoon and robust agricultural output, while the UK faces uncertainties from global trade tensions and rising living costs.

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