*RBI: Consumer price inflation would also decline, though with a lag

*RBI: Decline in inflation expectations has not been commensurate with the sharp fall in WPI inflation

*RBI: WPI inflation is now projected to decelerate to below 3% by end-March 2009

Pound Advances Against Majors

*RBI: Notwithstanding the projected decline in headline WPI inflation, consumer price inflation is yet to moderate