India’s CPI fell -0.56% MoM which included a sizeable decline in the Consumer Food Price Index of -1.48% MoM. On an annual basis, CPI was up 5.22% YoY in December, slowing from 5.48% YoY in November and below expectations of a 5.30% YoY inflation rate. Food and beverages is still the main source of inflation, up 7.69% YoY, while clothing (+2.74% YoY), housing (+2.71% YoY), and fuel & light (-1.39% YoY) are cooler.