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Motilal Oswal Report
The Consumer Price Index-based retail inflation has come in at an eight-month high of 7.3% YoY in September-20 (versus 6.7% in August-20 and 4% in September 2019).
The number was higher than our expectation of 6.4% and market consensus of 6.9%.
Higher food inflation was driven entirely by vegetable inflation as it shot up to 20.7% in September-20 from 11.5% a month ago.
Excluding vegetables, CPI inflation was flat at 6.3% YoY in September-20.
Overall, food inflation came in at 10.7% YoY in September-20 (versus 9% a month ago).
Additionally, core inflation remained unchanged for the third consecutive month at 5.4% YoY in September-20.
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