India WPI likely moved lower in February

India is due to release WPI inflation data for February on 16 March. 

Standard Chartered notes the forecasts as follows:

• We expect the WPI to have contracted 0.6% y/y (previous: -0.38%). While petrol and diesel prices rose during the month, a sharp reduction in aviation turbine fuel (ATF) prices likely mitigated this effect. 
  
  
• The slow pace of increase in prices of primary articles and manufactured products is likely to keep overall price pressures contained. 
  
  
• Given that CPI inflation is the main anchor of monetary policy, the market reaction to the WPI release is likely to be muted.