India's headline CPI inflation eased to a 19-month low of 2% in Jan’19 from 2.1% in Dec’18, much lower than our estimate of 2.7% and the market consensus of 2.5%. Jan’19 was the ninth consecutive month to record lower-thanexpected inflation number.
IIP print for December 2018 came in at 2.4% vs. the previous month of 0.5%. The cumulative growth for the period April-December 2018 stands at 4.6%. 3-M moving average of IIP stands at 3.7% vs the previous 4.4%. Manufacturing sector grew by 2.7% in December 2018 where capital goods improved by 5.9% and Infrastructure/ Construction goods by 10%.
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