India's wholesale price based inflation is estimated to decline to 5.5 percent by the end of the current financial year as against an average of 7.4 percent registered in the previous fiscal, the Prime Minister's economic advisory panel said Friday.

Addressing a media conference here, chairman of the Prime Minister's Economic Advisory Council C. Rangarajan said good performance of agriculture sector on the back of normal monsoon will help in moderasting inflation. 

“During 2013-14, the good performance in agriculture will have a moderating effect on food inflation, depreciation of the rupee may put some upward pressure,” he said. “On balance, WPI inflation by end March 2014 will be around 5.5 percent as against the average of 7.4 percent in 2012-13 and 5.7 percent at end March 2013,” he added.