Perspective on CPI and IIP Data : Core inflation also continued on a downward trend By Mr. Mohit Ralhan, TIW Capital
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Below the Perspective on CPI and IIP Data by Mr Mohit Ralhan, CEO, TIW Capital
“The easing of inflation to 18 month low of 4.7% makes India one of the few major countries which have managed the inflation challenge effectively. The Consumer Food Price Index (CFPI) came in at 3.84% as vegetable, oil and meat and fish prices declined on a YoY basis. Core inflation also continued on a downward trend. This is now the second consecutive month that CPI has come in within RBI’s target band of 4% +/-2%. Given the encouraging signs on inflation and the fact that the US Fed is also likely to pause rate hikes, the RBI will be more inclined to stay put on rates. The decline in Industrial production growth declined to 1.1% in March from 5.6% in the previous month mainly on account of a 1.6% contraction in power output and a feeble 0.5% growth in manufacturing. The month-on-month data of IIP for FY 2023, industrial production was up 5.1% YoY and given that RBI has now more maneuvering headroom, this can significantly improve in FY-24” - Mr. Mohit Ralhan, Chief Executive Officer, TIW Capital
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