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Economy
Inflation
February WPI – favorable base masks simmering inflationary trends. Headline WPI
in February edged up to 6.95% from 6.55% in January, close to our expectations of
6.90% (consensus 6.70%). The rise was largely on account of primary articles inflation
(6.28% versus 2.25%), as the moderating trend in food inflation reversed.
Manufactured products inflation eased to 5.75% from 6.49%, but mostly on a
favorable base as, on an mom basis momentum was higher. Further, December
headline WPI was revised to 7.74% from 7.47% (provisional). We continue to expect
the RBI to wait till April 17 to start cutting the repo rate by 25 bps.
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