According to the latest figures released, India's inflation has fallen slightly to 7.45 per cent in the month of October as the food prices remained relatively lower in the country.

The country's inflation has fallen unexpected to a level that is lowest in eight months. However, the slowdown in inflation is expected to short lived as the price hike in diesel is likely to put upward pressure on inflation in the country.

The wholesale-price index rose 7.45 percent compared to a year earlier, according to a press statement from the Commerce Ministry. The inflation was recorded t the level of 7.81 percent in September. The price of diesel was increased about 14 percent two months earlier to limit the fuel subsidies and this is likely to increase the inflation in the country.

India's central bank, the Reserve Bank of India (RBI) has maintained its stand on not cutting the interest rates in the country even as it is widely expected by the industry as well as the central government, especially the finance ministry.

Several central banks around the world have been cutting interest rates to boost growth at a time of a global economic slowdown, while India's central bank remained rigid through recent policy reviews by not moving on its interest rates. Indian interest rates are highest among the major economies in the world.