New Delhi, Nov 14 || After India's WPI data for October showed deflation, industry bodies on Friday forecast WPI inflation to remain range-bound mainly due to benign international crude oil prices.
"We expect WPI inflation to remain range-bound due to benign international crude oil prices, comfortable buffer stocks of food-grains and healthy kharif harvest," said Dr Ranjeet Mehta, CEO & Secretary General, PHD Chamber of Commerce and Industry (PHDCCI).
State-owned Bank of Baroda forecasted that international commodity prices and oil prices may see some inching up if there is a revival in demand seen following the re-opening of the US government after a 43-day-long shutdown.
Higher than expected surplus in global supplies may also exert downward pressure on oil prices going forward, the bank said, adding that it may exert upward pressure on fuel inflation in the coming months.