(Repeats poll issued late on Wednesday)
* What: Indian weekly wholesale price index
* When: Expected around noon (0630 GMT) on Friday
* Forecast for 7.38 pct annual rise vs 7.33 pct a week
earlier
MUMBAI, April 30 (Reuters) - India's annual inflation rate is
expected to hold up well above 7 percent in mid-April and stay
close to its three-year peak hit last month, a Reuters poll of 12
analysts showed on Wednesday.
The wholesale price index <INWPI=ECI> is forecast to have
risen 7.38 percent in the 12 months to April 19, higher than the
previous week's 7.33 percent.
The data is due around noon (0630 GMT) on Friday.
In the last week of March, it had hit 7.41 percent, which was
the highest since November, 2004.
On Tuesday, the central bank raised the proportion of
deposits that banks must set aside by a quarter point to a
seven-year high of 8.25 percent, effective May 24, saying it
wanted to push inflation back to around 5.5 percent in 2008/09.
It followed a 50 basis points increase in the reserve ratio
announced earlier this month to absorb inflation-stoking excess
cash from the banking system.
The federal government, under pressure to contain prices
ahead of state polls this year and national elections due by next
year, has cut import duties on edible oil and curbed rice
exports.
The wholesale price index is more closely watched than the
consumer price index (CPI) because it includes more products and
is also published weekly. The CPI is released monthly.
----------------------------------------------------------
RESPONDENT RATE (%)
----------------------------------------------------------
CRISIL 7.47 ABN AMRO Bank 7.42
Lehman Brothers 7.42
Kotak Mahindra Bank 7.42
Anand Rathi Securities 7.42
YES Bank 7.38
Standard Chartered Bank 7.38
IDBI Gilts 7.38
Axis Bank 7.38
BNP Paribas 7.33
MF Global 7.33
ICICI Securities 7.23
---------------------------------------------------
AVERAGE 7.38
MEDIAN 7.38
---------------------------------------------------
(Reporting by V. Ramakrishnan; Editing by Ranjit Gangadharan)
(([email protected]; Tel: +91 22 6636
9039; Reuters
Messaging: [email protected])) Keywords: INDIA ECONOMY/INFLATION