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India CPI Inflation 5.02% y-o-y (consensus 5.5%) in Sep-23

- India's CPI inflation decreased to 5.02% year-on-year in September 2023, marking the lowest growth rate since June 2023 in a substantial undershoot of the 5.5% consensus expectations.
- The current inflation rate is 0.83 percentage points below the one-year average, indicating a potential improvement in price stability.

India PMI Services 61.0 (consensus 59.5) in Sep-23

- India's Purchasing Managers' Index (PMI) for the services sector reached its highest level since July 2023, with a reading of 61.0 in September 2023, contrary to expectations for a dip to 59.5.
- This exceptional growth in the services sector, surpassing the one-year average by 1.88 points, indicates a sustained period of robust expansion and a positive outlook for the Indian economy.

India PMI Manufacturing 57.5 (consensus 58.1) in Sep-23

- India PMI Manufacturing for September 2023 decreased to 57.5, the lowest level since April 2023, indicating a surprisingly steep slowdown in the sector.
- Despite the decline, the index still indicates growth in the manufacturing sector, albeit at a slower pace, with the current reading being 0.55 points above the one-year average.

G20: IF The IFIs…

• Despite failures over 25 years to truly get to grips with long-overdue IFI reform, there is reason for cautious optimism embedded in agreements reached at the recent G20 summit. Hopefully, this will be reinforced at the IMF/IBRD annual meetings next month.

By Alastair Newton