Consumer price inflation in India held largely steady in March, following four straight months of decline, as surging gold prices offset stable food costs, according to a Reuters poll.

Food price increases had steadily eased in the preceding months but likely bottomed out in March, with erratic rainfall and rising temperatures disrupting the country’s agricultural sector.

A Reuters survey of 40 economists, conducted between April 3 and 8, showed annual consumer price inflation at 3.6% in March—virtually unchanged from February’s 3.61%.

Gold prices jumped more than 7% in March as investors turned to the precious metal amid concerns over US President Donald Trump’s radical trade tariffs.

Core inflation, which strips out the more volatile food and energy components, was estimated to have edged up to 4.1% year-on-year in March, compared to 3.9–4% in February.

With inflation remaining comfortably within the Reserve Bank of India’s 2–6% target range, economists widely expect the central bank to cut interest rates on Thursday and again in August to counter a slowdown in economic growth.

However, warnings from the India Meteorological Department about widespread heat waves have raised concerns over potential inflationary pressure in the coming months, Reuters reported.

The official consumer price inflation data is scheduled for release on April 14, with forecasts ranging between 3.2% and 3.9%.