July CPI came in at 1.4%y-o-y, a touch lower than consensus forecast (1.5%), dueto marginally slower services price inflation. Food prices continued to contract.PPI held up at 5.5% y-o-y, implying sequential growth after three months ofcontraction. Demand and supply conditions continue to adjust in the industrialsector, which is a positive development. But given low food prices and high PPIbase from last year, overall inflation pressures should remain benign in 2017.

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