The wholesale price index rose 0.18 per cent in the 12 months to April 4, below the previous week's annual rise of 0.26 per cent, government data showed on Thursday.
It was above a median forecast for a fall of 0.18 per cent in a Reuters poll of analysts.
The annual inflation rate was 7.71 per cent during the corresponding week of the previous year.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.
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