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Motilal Oswal Report
Consumer Price Index-based retail inflation came in at 7% YoY in June 2022, similar to that in May 2022. The number is lower than our forecast of 7.3% and Bloomberg consensus of 7.1% YoY.
With this, CPI inflation stands at 7.3% YoY in Q1 FY23 as against 6.3%/5.6% YoY in Q4/Q1 FY22 and slightly lower than Reserve Bank of India forecast of 7.5% YoY.
Food inflation in June 2022 came in at a three-month low of 7.8% YoY in June-22 versus our forecast of 8.8% YoY.
Most food items, including vegetables, exhibited lower inflation, except ‘cereals and products’.
Meanwhile, Index of Industrial Production grew at 19.6% YoY in May 2022 versus 6.7% YoY in April-22. The number is lower than our forecast of 24.9% YoY and Bloomberg consensus of 20.7% YoY.
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