Weak Monsoon
Till June 28, cumulative rainfall was 14.5% below the long-term average while weekly rainfall was 8.3% above the long-term average. On a cumulative basis, rainfall was above normal in southern India while deficient in the rest of India. This indicated higher inflation.
Global Manufacturing and Trade Cycle
The global manufacturing and trade cycle sees lukewarm positivity in 2024 after 16 months of slump.
China’s Deflationist Policies
China's deflationist policies are partly offset by protectionist reactions by the Western world.
Gold Prices
Gold prices rose despite a reduction in market expectations of a cut. Rising physical demand for gold in emerging markets and by central banks could be one plausible explanation
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