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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

India wholesale price inflation -0.52% y-o-y (consensus -0.6) in Aug-23

- India's wholesale price inflation in August 2023 decreased by 0.52% year-on-year, slightly better than market expectations, and represents the highest growth rate since March 2023.
- Food prices experienced a notable increase, while manufacturing and fuel prices witnessed significant declines in wholesale inflation.

India industrial production 5.7% y-o-y (consensus 4.8) in Jul-23

- India's industrial production in July 2023 surpassed expectations, growing at a rate of 5.7% year-on-year, highlighting a robust recovery in the sector.
- This increase in industrial production is significantly higher than both the one-year average by 2.02 percentage points and the long-run average by 2.85 percentage points, indicating a strong and sustained rebound.

India CPI Inflation 6.83% y-o-y in Aug-23

- India's CPI inflation in August 2023 stood at 6.83% y-o-y, marking the lowest growth since June 2023 and showing a slight moderation from the previous month.
- The CPI inflation rate is 0.78 pp above the one-year average and 0.93 pp higher than the long-run average, indicating persistent inflationary pressures in consumer prices.