India Economy - CPI Inflation Lower Than Expected In July; IIP In Line With Market Expectations: Motilal Oswal
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Motilal Oswal Report
Consumer price index-based retail inflation came in at a three-month low of 5.6% YoY in July 2021, as against 6.7% YoY in July 2020.
The number was lower than our expectation of 5.9% and the Bloomberg consensus of 5.7% YoY in July 2021.
Food inflation came in at 3.9% YoY in July 2021, compared with an average of 5.1% YoY in the previous two months.
While 28.4% of food items exhibited either deflation or lower inflation last month, items such as 'eggs,' 'meat and fish,' and ‘milk and milk products' together accounting for 10.7% weight in the CPI basket exhibited higher inflation in July 2021 versus June 2021.
Separately, index of industrial production grew 13.6% YoY in June 2021 below our expectation of 17% YoY and in line with the Bloomberg consensus.
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