ECONOMY

CPI, IIP – Inflation Indices Show Divergent Trend In August; IIP Growth For July At 11.5%: ICICI Securities

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India’s retail inflation eased to four-month low of 5.3% YoY in August 2021, down from 5.6% in the preceding month and 6.7% in August 2020.

With this print, retail inflation in the first two months of Q2 FY22 stands at 5.4%, lower than Monetary Policy Committee’s forecast of 5.9% and Professional Forecasters’ Survey estimate of 5.7%.

Average inflation in the first five months of FY22 now stands at 5.5%.

Food inflation also fell to four-month low of 3.8% YoY in Aug 2021, down from 4.5% in the preceding month and 8.3% in August 2020.

Index of Industrial Production grew 11.5% YoY in July 2021 on low base. In July 2020, IIP had contracted 10.5%.

All subcomponents i.e. mining (19.5%), manufacturing (10.5%) and electricity (11.1%) posted strong growth during July 2021 driven by low base.

Click on the attachment to read the full report:

ICICI Securities CPI Monitor Sep21.pdf

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