India September Retail Inflation - At RBI’s Comfort Zone: Anand Rathi
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Anand Rathi Report
Retail inflation in September 2021 at 4.3% was lower than consensus expectation.
The fall in retail inflation was driven almost exclusively by food inflation, which softened to 0.7%, from 3-5% last month, while core inflation dipped slightly to 5.7%.
Despite high (30% plus) and rising edible oil inflation and beverages inflation, deflation in cereals and vegetables kept food inflation low.
With good kharif sowing and modest minimum support price hikes in the last three seasons, the outlook for food inflation is benign.
Core inflation has been hovering around 6% for the last 12 months. This is large due to the transport category, which technically should not be part of core inflation.
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