CPI Inflation Accelerated Faster Than Expected To 4.9% In November: ICRA
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ICRA Research Report
With input price pressures forcing producers to raise prices in many sectors, the YoY Consumer Price Index inflation accelerated to a three-month high 4.9% in November 2021 (our expectation: up 4.7%; up 6.9% in November 2020) from 4.5% in October 2021 (up 7.6% in October 2020), shrugging off the cut in fuel taxes.
A moderation in the CPI inflation for fuel and light, pan, tobacco and intoxicants and miscellaneous items was outpaced by the rise in the inflation for food and beverages, housing and clothing and footwear.
The recent correction in prices of many food items other than tomatoes, has provided relief for the inflation trajectory, especially given the unfavorable base effects that lie ahead.
The CPI inflation appears set to climb to 5.3% in December 2021, and then range between 5.7-6.0% in the following quarter.
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