The Asian Development Bank said yesterday that the recent decline in oil price would lead to lower inflation in the region. The bank in a supplement to its Outlook 2014 Update, lowered its inflation forecast for the region to 3.2 percent in 2014 from an earlier forecast of 3.4 percent; and 3.5 percent in 2015 from an earlier forecast of 3.7 percent.
The bank said that the plunge in oil prices will provide opportunities for oil importers like Indonesia and India to reduce costly fuel subsidy programs.
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