​A gentle increase in headline inflation
Headline inflation picked up marginally in November to 9.4% y/y from 9.3%. Our expectation in polls of analysts by wire services was an unchanged rate. The core measure was flat at 8.7% while food price inflation accelerated to 10.3% y/y from 10.1%. The headline rate was therefore above the target range of between 6% y/y and 9% for the sixth successive month. If the sole concern of the MPC was price stability, it would have hiked its policy rate in November. In contrast, it cut the rate by 150bps in an effort to revive the flagging economy.
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