13 January 2026 Emerging Asia Monitor Raising our 2026 India CPI forecast to over 4%, as food prices turn

Food deflation in India is receding quickly, pushing headline inflation up further, to 1.3% in December…
…We’ve raised our 2026 average forecast to 4.1%, but underlying inflation remains very benign.
Indonesian retail sales growth has hit a 20-month high, despite the big holes in discretionary goods.

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