India's wholesale price index (WPI) was almost in line with market expectations at 7.47 per cent in December from a year earlier, government data showed on Monday.

The median forecast in a Reuters poll was for a 7.5 per cent rise.

The WPI, which is more closely watched than the consumer price index (CPI) in India as it covers a higher number of products, remained stubbornly above 9 per cent for a year until November.

In response, the RBI raised interest rates by a total 375 basis points since early 2010, but is now expected to focus on slowing growth at its policy review on January 24.

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