May 16, 2008 / 6:34 AM / 10 years ago

REFILE-Indian inflation at 7.83 pct on May 3

NEW DELHI, May 16 (Reuters) - India’s wholesale price index INWPI=ECI rose 7.83 percent in the 12 months to May 3, higher than previous week’s annual rise of 7.61 percent, government data showed on Friday.

The rate was above a median forecast of 7.50 percent in a Reuters poll of analysts. It was the highest since an annual reading of 7.93 percent on Nov. 6, 2004.

The annual inflation rate was 5.74 percent 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 published weekly. (Reporting by Rajkumar Ray; Editing by Surojit Gupta)

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