India Inflation January 2020


India: Consumer price inflation accelerates in January

February 14, 2020

Consumer prices dropped 0.13% in January compared to the previous month, contrasting the 1.21% increase in December. The increase was largely due to cheaper food and beverages.

Consumer price inflation accelerated to 7.6% in January from 7.4% in December. As a result, inflation rose further above the Reserve Bank of India’s (RBI) target range of 2.0%–6.0%.

Wholesale prices rose 0.08% in January from the previous month, down from the 0.41% increase in December. Wholesale price inflation, meanwhile, accelerated to 3.1% in January from 2.6% in December.

FocusEconomics Consensus Forecast panelists project consumer price inflation to average 4.2% in FY 2020, which ends in March 2020. The forecast is up 0.3 percentage points from last month’s forecast. In FY 2021, the panel projects consumer price inflation to average 4.2%. Meanwhile, our panel sees wholesale inflation averaging 2.7% in FY 2020, which is up 0.1 percentage points from last month’s report, and 3.4% in FY 2021.

Author:, Economist

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India Inflation Chart

India Inflation January 20 20

Note: Annual and monthly variation of wholesale price index (WPI) and annual variation of consumer price index (CPI) in %.
Source: Ministry of Commerce and Industry and FocusEconomics calculations.

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