India, June 18 -- Both retail and wholesale inflation numbers for the month of May are now out. Retail inflation as measured by Consumer Price Index (CPI) fell to 2.8%, a six-year low in the current series. Wholesale inflation as measured by the Wholesale Price Index (WPI) came in at 0.4% in May, the lowest reading in 14 months. Is there a larger message in the latest inflation numbers? Here is what a data analysis shows.

Published by HT Digital Content Services with permission from Hindustan Times....