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Motilal Oswal Report
Consumer price index-based retail inflation came in at a 14-month low of 4.6% YoY in December 2020 (versus 6.9% in November 2020 and 7.4% in Dec-2019) on lower food inflation.
The same was exactly in line with our expectation, but lower than market consensus of 5%.
Food inflation came in at a 16-month low of 3.5% YoY in Dec-20 as compared to 9.5% in Nov-20 and 14.1% in Dec-2019.
Separately, the Index of Industrial Production declined 1.9% YoY in Nov-20 from a growth of 3.6% YoY in the preceding month.
The decline is worse than both the market consensus of down 1% and our forecast of a minor contraction of 0.1% YoY.
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