View on CPI data By Vivek Goel, Tailwind Financial Services Ltd
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Below are Views on CPI data by Vivek Goel, Co-founder and Joint Managing Director, Tailwind Financial Services Limited
"The January data for CPI inflation was released yesterday at a 6.52% reading marking a surprise rise from previous print at 5.72% after 2 months of cooling off below RBI target ceiling of 6%.
The sharp uptick was largely on account of core inflation remaining sticking at 6.41% (up 9bps from December's reading) along with a surge in food inflation numbers. Within the food index, cereals and eggs saw a sharp rise while vegetable prices contracted.
Overall, while this is negative from a monetary policy perspective, there is expectation from market participants that the food inflation jump is either a one-off or there is even a possibility of revision in data as cereal's price index jump seems to be higher than expectations. As of now, markets have not reacted too much to the inflation data and might wait for February numbers before building in expectations for the April's RBI policy meet"
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