India inflation slows to a year low on oil price cut

India's wholesale price inflation , fell to a one-year low primarily on the federal government's move to cut fuel prices.
Wholesale prices climbed 4.39 percent in the last week of January from a year earlier after gaining 5.07 percent the previous week, according to government data. Economists expected an increase in the range of 4.4 and 4.5 percent.
India's central bank had intermittently slashed interest rates in the past few months to strengthen and insulate the country's economy against the world's worst financial crisis, since the great depression in the 1930s.
The repurchase rate, which has been cut four times since October, is at 5.5 percent and the reverse repurchase rate is 4 percent.
The $1.2 trillion Indian economy is likely to expand 7.1 percent in the 12 months to March 31, the government said this week.
Prices of crude oil , India's major import, have slided 60 percent in the past oone year as fuel demand global recession has dampened demand. Crude has declined from a record $147.27 a barrel on July 11, 2008.