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India Insights

Monthly update on India markets
30 June 2021
    Download the full reportPDF, 2.05MB


    • The wholesale price index recorded an increase of 13 per cent in May, more than double the second highest point in the past five years. Consumer price inflation has also broken through six per cent – the upper limit of the Reserve Bank of India’s inflation targeting corridor
    • In our opinion, the current spike in inflation is due to supply-side disruptions and so will not persist
    • India is the only major Asian economy seeing wholesale price inflation spilling over to consumer price inflation, due to the large makeup of ‘food and beverages’ in the CPI index and the impact of rapidly rising crude oil prices
    • Even if we’re wrong, inflation has not historically been a drag on asset prices