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ICICI Direct Report
Consumer price index inflation came in lower than market expectations at levels similar to last month’s 6.26% in June 2021 compared to 6.30% in May 2021.
Consumer food price index rose marginally on expected lines at 5.15% against 5.01% in May.
Core inflation surprised with lower growth at 6.14% versus 6.43% despite a rise in crude oil prices.
While there was a month-on-month rise in many items, a favourable base effect prevented the rise in inflation print.
Within food, oil and fats remain the major contributor as its sequential price rise continues.
Prepared meals, snacks, sweets items also saw higher inflation, which continued to rise sequentially.
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