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India consumer inflation accelerates to 3.36% y/y in Aug

India consumer inflation accelerates to 3.36% y/y in Aug

MUMBAI: India’s annual consumer inflation in August jumped to a five-month high of 3.36 percent from a year ago, driven by higher food prices, according to government data on Tuesday.

The rise was higher than the 3.20 percent forecast by economists in a Reuters poll. Inflation rose to 2.36 percent in July, after falling for three straight months. “I think there were still a few people who were expecting rate cuts to come through. But I think with this (data), it may not happen. “We are maintaining that there is no scope for further rate reduction. Core CPI going ahead is going to be 4 percent-plus. We are looking at a range of 4-4.5 percent. “The main risk points one needs to watch out for inflation projections going ahead are largely fuel and commodity prices.”