India: CPI likely hit a near six-year high in January - Reuters poll

Dhwani Mehta FXStreet

According to a small majority of economists polled by Reuters, India’s retail inflation is likely to reach a near six-year high in January amid higher food prices.

Key Quotes

“The Feb. 5-7 poll consensus of more than 40 economists showed India’s annual consumer price inflation is expected to have risen to 7.40% in January, a touch above December’s 7.35% and the highest since May 2014.

While nearly half of the economists polled predicted price pressures eased in January, none expected it to have fallen within the RBI’s medium-term target range of 2%-6%, suggesting a significant decline in inflation over the coming months was unlikely.”

Rupee bounces

On Monday, the Indian rupee opened with a bullish gap and went on to hit a fresh daily low vs. the US dollar at 71.27. The strength in the rupee is mainly driven by the gains in other Asian currencies and state-run banks’ dollar sales.

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Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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