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India inflation quickens in May on higher food prices

Economists are looking ahead to the imminent monsoon, a key factor in food price inflation owing to its outsize impact on India's farmersIndia’s consumer prices rose faster than expected in May due to higher food costs, official figures showed on Monday, which will likely lead the central bank to hold off lowering interest rates. The inflation rate increased to 5.76 percent from a year earlier, substantially higher than the 4.8 percent recorded in March and 5.4 percent in April, reported the statistics ministry. The jump was mostly driven by higher food prices, economists said, after two back-to-back droughts.

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