India's inflation quickens

NEW DELHI - Indian inflation quickened more than estimated in last month as food and fuel prices surged, an acceleration that may fail to prevent an interest-rate cut next week to shore up slowing growth.

The benchmark wholesale-price index rose 7.55 per cent from a year earlier, after climbing 7.23 per cent in April, the commerce ministry said in New Delhi yesterday. The median of 37 estimates in a Bloomberg News survey was 7.5 per cent.

Indian economic expansion weakened to a near-decade low last quarter, hurt by faltering efforts to open up the economy, a moderation in investment and the impact of Europe's debt crisis on overseas sales.

The slowdown has added pressure on the Reserve Bank of India to reduce borrowing costs at its June 18 policy meeting, even as the nation struggles with the fastest inflation among the biggest emerging markets. BLOOMBERG

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