Inflation Witnessed At 4.41Pc On July 28

MUMBAI: India''s wholesale price inflation rate is estimated at 4.41 per cent for the 12 months to July 28, slightly higher than the previous week''s annual rate of 4.36 per cent. At its policy review last month, the Reserve Bank of India increased banks cash reserve ratio to 7.0 per cent from 6.50 per cent in a bid to mop up excess funds that could fuel inflation. The RBI held its short-term lending rate steady at the review, as expected, after raising it five times since mid-2006. Annual inflation hit 6.69 per cent in late January, its highest in more than two years, but decreased as the central bank tightened policy and the government cut duties on a range of items to calm prices. It decline to a 14-month low of 4.03 percent in mid June.