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The YoY wholesale price inflation printed in double digits for the ninth consecutive month, easing only modestly to 13.6% in December 2021 (our expectation: up 13.0%) from a high of 14.2% in November 2021, with a jump in primary food and non-food inflation absorbing a part of the correction in other items.
With a modest month-on-month rise of 0.3%, the inflation for manufactured non-food products displayed a welcome easing to a six-month low of 11.0% in December 2021.
In contrast, the primary food inflation spiked from the marginal 0.1% in October 2021 to an unpleasant 23-month high 9.6% in December 2021, reflecting the unfavorable base.
Although the prices of various food items have displayed a seasonal downtrend and the Indian rupee has appreciated in recent weeks, the global prices of several commodities have retraced an upward trajectory as the concerns around the impact of Omicron on global demand have abated.
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