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NEW DELHI (AFP) - - India's inflation rate has slowed for a third consecutive week, official data showed Thursday, but remained above the 12 percent mark.
Annual inflation slipped to 12.10 percent for the week ended August 30 from 12.34 percent a week earlier, according to the Wholesale Price Index, India's most-watched cost-of-living monitor.
The figure was slightly above analysts' forecasts and still far above the central bank's target of seven percent for the fiscal year to March 31, 2009.
Economists say they expect India's central bank to still tighten monetary policy at least one more time to get inflation under control before gradually starting to lower interest rates, most likely in 2009.
The next monetary policy announcement is scheduled for October 24.
The ruling Congress-led coalition is keen to curb price rises, fearing a voter backlash in elections due by May 2009 from the poor masses hardest hit by inflation.
Inflation, stoked by a rise in energy, food and other commodity prices, has nearly tripled from a year ago, and is now riding at its highest levels since the current inflation series began being compiled 13 years ago.
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