The rise in India's wholesale price index slowed slightly at 4.07 per cent for the week ended February 2 against 4.11 per cent in the preceding week, data released on Friday showed.
During the corresponding week last year, the inflation rate stood at 6.58 per cent.
The wholesale price index data is released weekly and considered the benchmark inflation indicator in the country.
Earlier, while addressing industry leaders at a meeting in New Delhi on Friday, Prime Minister Manmohan Singh said: "Inflation is an iniquitous tax. It is essential that we ensure that the poor are not adversely affected by high inflation."
This comes a day after the Reserve Bank of India (RBI) expressed concern over rising inflation rates.