Four-Month Low CPI Inflation Of 5.3% In August To Allay Concerns For October MPC Review: ICRA
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ICRA Research Report
The headline Consumer Price Index inflation declined to a four-month low 5.3% on YoY basis in August 2021 (our expectation: up 5.9%) from 5.6% in July 2021, well below the upper tolerance level of the Monetary Policy Committee’s 2-6% medium term target.
The decline in the YoY CPI inflation in August 2021 relative to July 2021 was primarily driven by a softening in the inflation for food and beverages, as well as pan, tobacco and intoxicants and miscellaneous items.
The latter contributed to a moderation in the core-CPI inflation to 5.5% in August 2021 from 5.7% in July 2021.
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