CPI Inflation At 16-Month Low In January; IIP Rises Once Again In December: Motilal Oswal
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Motilla Oswal Report
Consumer Price Index-based retail inflation came in at a 16-month low of 4.1% YoY in January 2021 (versus 4.6% in December 2020 and 7.6% in Jan-20).
This was lower than both our forecast of 4.3% and the market consensus of 4.4%.
Food inflation came in at a 20-month low of 1.9% YoY in Jan-21 (versus 3.5% in Dec-20) due to more-than-two-year-high deflation of 15.8% YoY in ‘Vegetables’ in Jan-21 (versus inflation of 50% in Jan-20).
Separately, Index of Industrial Production edged up 1% YoY in Dec-20 (versus decline of 2.1% YoY in November 2020 and 0.4% growth in Dec-19).
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