WPI inflation eased to 5.1% in Jul'18 from 5.8% in Jun'18. The softening was largely led by food inflation. Fuel and manufactured products inflation rose marginally. Fuel inflation is likely to remain elevated this calendar year as a result of higher oil prices and weaker rupee. A weaker currency will negate the benefit from lower international commodity prices. While WPI inflation may fall in the next few months (base effect), drivers will change as momentum...