India’s CPI fell -0.97% MoM in January but was up 4.31% YoY, down from 5.22% YoY in December.

• The Consumer Food Price Index fell sharply, down -2.90% MoM, causing the annual rate to slow from 8.39% YoY to 6.02% YoY to start the year. Fruits (+12.22% YoY) and vegetables (+11.35% YoY) are the main food sub-indexes seeing rapid price growth.
• Clothing (+2.68% YoY) and housing (+2.76% YoY) remained at a steady, moderate annual rate.
• Fuel & light costs were still lower than a year ago at -1.38% YoY.
• At the moment, food cost growth is the primary concern for Indian consumers, but the worst may be over.