New Delhi, June 13 -- Just days after the Reserve Bank of India (RBI) surprised us with the scale of its monetary stimulus, the country's inflation has slumped to a low last seen more than six years ago.

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The consumer price index rose only 2.82% from a year earlier in May. In April, it had risen 3.16%. Inflation has now been under RBI's 4% central goal for four months in a row, thanks mostly to a cool-off in food prices. RBI is likely to view it as a validation of its bigger-than-expected 50-basis-point rate cut last week, with a full percentage-point cut to follow later this year in the cash banks must keep with it as a ratio of deposits.

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