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Nirmal Bang Report
The trend from data available till date for Q2 FY23 indicates further easing in basket inflation for the consumer sector, but YoY inflation persists.
Our proprietary FMCG Commodity Price Inflation Index, which tracks the movement of key commodities prices at a basket level, is now seeing a slightly lower inflation of ~12.6% in the month of August 2022 versus August 2021, lower than the 16-17% inflation seen in the previous three months (down ~0.3% in July-22 over June-22 and further down ~0.5% in the month of Aug-22).
Food, Fuel and Forex inflation continue in Q2 FY23 while easing was seen in other inputs especially in oil commodities (palm and other edible oils).
As highlighted in our recent note, while there are already signs of correction in the prices of some key commodities from their peak levels during the quarter, companies are still holding high-priced inventory, at least till Q2 FY23.
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