India's wholesale prices rose 3.15 percent year-on-year in November, its slowest pace in five months, government data showed on Wednesday.
The data compared with a 3.10 percent annual rise forecast by economists in a Reuters poll. In October, prices rose a provisional 3.39 percent.
Last month, wholesale food prices rose 1.54 percent year-on-year, compared with a provisional 4.34 percent gain in October.
India's retail inflation cooled to a two-year low in November after Prime Minister Narendra Modi's shock currency replacement programme dented consumer spending, fuelling hopes of an interest rate cut by the RBI at its next policy review.
Consumer prices rose by an annual 3.63 percent last month, their slowest pace since November 2014, government data showed on Tuesday. Economists surveyed by Reuters had expected prices to rise 3.90 percent year-on-year, compared with a 4.20 gain in October.
Food inflation was 2.11 percent last month, lower than October's 3.32 percent.
Modi's sudden move on November 8 to cancel 500-rupee and 1,000-rupee banknotes, which accounted for 86 percent of the cash circulating in Asia's third-largest economy, has disrupted daily life, depressing consumer demand.
People struggling to get new notes are holding back on spending, except for immediate and urgent needs.