Inflation slipped to 0.13 per cent for the week ended May 30, the lowest ever in over three decade, a development that could hasten the process of rate cuts by the banks.
While the wholesale price index stood at 0.48 per cent in the previous week, the rate of price rise was 9.32 per cent during the corresponding week a year ago.
Even though inflation declined during the week, the prices of essential food items like vegetables, eggs, pulses and spices became more expensive. This is the 13th week in succession when inflation stood below one per cent. Analysts feel that inflation could slip into negative territory in the days to come.