资源描述：
《汇丰银行-inflation falls to a decadal low,industrial production fails to impress-20170612-hsbc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、Economics-DataReactions12June2017IndiaPranjulBhandariInflationfallstoadecadallow,IndustrialproductionfailstoChiefEconomist,IndiaimpressHSBCSecuritiesandCapitalMarkets(India)PrivateLimited+912222681841India'sMayCPIinflationfelltoitslowestlevelsincemid-2001,ledprimaril
2、ybypranjul.bhandari@hsbc.co.infallingfoodprices.Pulses,fruitsandvegetablescontinuedtocostlesserthanbefore.Whilecorepricesroseatadsequentially,muchofitislikelytobeapayViewHSBCGlobalResearchat:backafterasharpdipinApril.Meanwhile,althoughtheAprilindustrialproductionhttp
3、://www.research.hsbc.comindexroseonanannualbasis,itwasflatsequentially.Capitalgoodsremainedweakasexpected.Consumergoodsimprovedanotch,butsofar,onlylikelytobeIssuerofreportreflectingsomeconsolidationafterasharpfallinMarch.Today'slowerinflationHSBCSecuritiesandCapitalM
4、arkets(India)PrivateLimitedandunexcitinggrowthprintraisestheriskofaratecutintheRBI'sAugustDisclosures&Disclaimermonetarypolicyreview.ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,FactswhichformspartofitM
5、ayConsumerPriceIndexinflationgrew2.2%y-o-y,thelowestinoveradecade,andbelowmarketandourexpectationsof2.4%and2.3%respectively.Thefallwasledbyfoodandfuelprices,inbothannualandsequentialterms.Corepricesroseatadsequentially,butlargelyapaybackafteradeepdipinApril.According
6、totherevisedseries,AprilIIPgrew3.1%y-o-yversus2.7%inMarch.Onaseasonallyadjustedsequentialbasis,itcameinflatasthegrowthinconsumergoodswasoffsetbythedragincapital,basicandintermediategoods.ImplicationsInflationfelltoahistoriclow,ledlargelybyplummetingfoodpricesContinui
7、ngitsdownwardtrend,inflationfelltothelowestinoveradecadeonthebackofcontinuingsofteninginfoodandfuelprices.ThelasttimeitfelltoasimilarlowwasinMay2001,whenitprinted2.1%y-o-y.Lookingacrossthesubcomponentsoffood,pricesofpulses,vegetablesandfruitsfellsharplyonaseasonallya
8、djustedsequentialbasis,morethanoffsettingtheslightincreaseincereals,'egg,meatandfish'andpreparedmeals.Fuelpriceindexalsofellsharply
