India released its wholesale price index (WPI) on Friday, but the closely-watched inflation number may not have the same resonance for local markets as it once did.
That's because recent comments by the Reserve Bank of India (RBI) suggest the central bank is now placing a greater emphasis on the consumer price index (CPI) when it comes to setting monetary policy.
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"It is the right thing to do," said Frederic Neumann, co-head of Asian economic research at HSBC. "Ultimately the goal of central banking is to anchor inflation expectations and therefore targeting the CPI is a more relevant measure of actual prices that consumers face on a day-to-day basis."
Inflation in India, struggling with sluggish economic growth, is down from double-digit rates seen last year but remains stubbornly high. That means it's likely to be a hot topic in this year's national elections.
In India, the CPI was introduced in 2011 and is a relatively new indicator.