WPI inflation moderated to 3.1% in Apr'19 from 3.2% in Mar'19 led by dip in fuel and power (3.8% in Apr'19 from 5.4% in Mar'19) and manufactured inflation (1.7% in Apr'19 from 2.2% in Mar'19). However, food inflation rose to 4.9% in Apr'19 (3.9% in Mar'19), a 25-month high, driven by higher vegetable and protein prices. With international oil prices hovering at US$ 71/ bbl, a depreciating currency and rising domestic food inflation, we believe RBI may wait out in the June policy to assess the evolving growth-inflation dynamics. Uptick in food inflation: WPI food inflation rose to 4.9% YoY in Apr'19 from...