However, on a year-on-year (YoY) basis, the consumer price index (CPI) last month stood higher than the 3.89 per cent reported in March 2017.
Last week, the Reserve Bank of India (RBI) lowered its inflation forecast for the first half of the current fiscal to between 4.7 per cent and 5.1 per cent, and 4.4 per cent for the second half in its bi-monthly monetary policy review of the new fiscal.
The RBI kept its repo, or short term lending rate for commercial banks, unchanged.
He said that several uncertainties continue to surround "the baseline inflation path".
"The revised formula for MSP (minimum support price) -- as announced in the Union Budget 2018-19 for kharif crops -- may have an impact on inflation, although the exact magnitude will be known only in the coming months," he said.
"Besides, in case of further fiscal slippage from the Union Budget estimates for 2018-19 or the medium-term path, it could adversely impact the outlook on inflation. Another risk is from fiscal slippages by states on account of higher committed revenue expenditure.
"Also, companies polled by the RBI expect input and output prices to rise, going forward," he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)