Consumer Price Inflation stood at 4.85% in March 2024 (our estimate: 5.08%; Bloomberg consensus: 4.9%), down from 5.1% in Feb-24. The deviation from our estimate was due to lower than anticipated fuel and light inflation (led by lower subsidised LPG prices). Food and beverage inflation stood at 7.68% in March-24 (estimate: 7.72%), just a notch lower from 7.8% in Feb-24. Core inflation stood at 3.25% (in line with estimate), down from 3.4% in Feb-24. Underlying data points to some worrying dynamics with moderating urban inflation and rising rural inflation. The divergent trends suggest continued challenges for recovery at the “bottom of the pyramid”. While core inflation continues to…
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Indias CPI At 4.85%; IIP Robust At 5.7%; RBI To Remain Cautious: Nirmal Bang
