CPI Jumps To Three-Month High In Jan On Rising Food, Sticky Core Inflation: CareEdge


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India’s Consumer Price Index-based retail inflation climbed higher to 6.5% in January 2023 from 5.7% in December. After two consecutive months of moderation below the Reserve Bank of India’s upper tolerance level, the spike seen in January was due to rising food and sticky core inflation.

Sequentially as well, inflation has snapped a two-month contractionary streak. Food inflation increased to 6.2% in January 2023 from 4.6% in December 2022.

While prices of vegetables, which are a relatively volatile component, have contracted for the third straight month (down 12% YoY), the momentum was not strong enough to offset the sharp increase in prices of cereals, meat and fish, milk, and eggs.

Meanwhile, core inflation remained sticky at 6.3% in January (unchanged from the previous month) on account of further strengthening of price pressures in categories such as housing, healthcare and personal care.

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