The consumer-price index rose 8.79 per cent from a year earlier, compared with 9.87 per cent in December, the
Rajan pledged to fight inflation and preserve the value of the rupee when he boosted borrowing costs last month. Higher rates have taken a toll on consumer demand, with another report showing industrial output shrank 0.6 per cent in December.
"We will not be overly carried away by this, but it is a welcome relief,"
It was 9.9 per cent in January.
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