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India CPI inflation 7.44% y-o-y (consensus 6.4) in Jul-23

- India's CPI inflation rate surged to 7.44% y-o-y in July 2023, exceeding the consensus estimate of 6.4% and marking the highest level since April 2022.
- The substantial deviation of 1.38 percentage points above the one-year average and 0.14 percentage points above the long-run average indicates a significant departure from the historical pattern.

India wholesale price inflation -1.36% y-o-y (consensus -2.7) in Jul-23

- India's wholesale price inflation in July 2023 showed a smaller decline of 1.36% than anticipated, marking the highest growth rate since April 2023.
- Wholesale fuel and manufacturing prices performed better than expected, experiencing declines of 12.79% and 2.51% respectively, while wholesale food prices rose by 7.75% compared to the previous year.

India industrial production 3.7% y-o-y in Jun-23

- India's industrial production grew by 3.7% year-on-year in June 2023, the lowest growth rate since March 2023 but still outpacing the one-year average by 0.34 percentage points.
- The growth rate in June 2023 was also significantly higher than the long-run average by 0.87 percentage points, indicating a strong performance in Indian industrial production.

India PMI services 62.3 (consensus 58.0) in Jul-23

- India's PMI services index for July 2023 exceeded market expectations, reaching 62.3, indicating strong growth and increased business activity in the sector.
- The PMI services index's deviation of 3.98 points above the one-year average signifies a substantial acceleration in the sector's growth rate, reflecting a positive trajectory for the services industry in India.