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Anand Rathi Report
Retail inflation for July 2020 jumped to 6.9%, from 6.2% in June 2020. Except housing, inflation hardened for all major categories.
Vegetable inflation jumped from 4% in June 2020 to 11.3% in July 2020 and was the main cause of the spike in inflation.
Most items in the food category, however, registered softening of inflation, especially pulses,eggs,cereals and milk.
The Reserve Bank of India expects elevated retail inflation in Q2 FY21 but softening in H2 FY21. The flare in July 2021 inflation, therefore, is not out of line.
Moreover, the readiness of the Monetary Policy Committee to do ‘whatever it takes’ to revive growth suggests that the temporary rise in inflation would be looked at.
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