India's inflation slows to lowest in nearly 6 years, making room for more rate cuts

India's retail inflation remained below the central bank's 4% target for the third consecutive month as food prices rose at a slower pace, opening up room for more interest rate cuts to support growth in the world's fifth-largest economy. Inflation in food prices - which accounts for nearly half of the consumption basket - slowed to 1.78% from 2.69% in March, its lowest since October 2021. "The CPI (consumer price index) print today sets the stage for another rate cut by the RBI in its June policy of 25 basis points," said Sakshi Gupta, an economist at HDFC Bank.