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ICICI Securities Report
Wholesale price index for January 2021 came in at 2% (our estimate 1.7%; consensus: 1.3%) from 1.2% in December 2020 and 3.5% in Jan-20.
With this print, average wholesale inflation in the first ten months of FY21 stands at 0.2%.
Out of the three components of WPI, ‘primary articles’ and ‘fuel and power’ recorded negative inflation in Jan-21.
However, manufacturing which accounts for approximately two-third of the index recorded sharp surge in inflation.
Within manufacturing, most of the increase was driven by basic metals
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