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1、FMCG PulseOctober 2022FMCG Volume growthFigure 1Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22FMCG:Big ChangesThe Consumer Price Index in August 2022 had jumped back to 7%after a marginal decline in Jul

2、y.This means that In?ation has remained higher than the outer band of RBIs comfort zone for the eighth month in a row.FMCG growth also remained sluggish.It has been 16 months since we saw growths north of 1%in the country.Annually this resulted in a volume contraction to the tune of 1%and in the qua

3、rter ending August,this resulted in a 0.4%degrowth.However,Urban is very likely to come out of the woods in the coming quarter.Part of it is because Urbans mega growths induced by the pandemic Urban India has faced the brunt of the FMCG losses.Its de-growth started in May 2021 and was the cause of A

4、ll India numbers crashing through the?oor.For thirteen straight months Urban FMCG was losing volumes at over 3%.Theyve only started to recover since June of 2022,but are still in the red.This decline is worrisome because it is already coming on back of months that have declined in the last year.have

5、 started to normalize since September of 2021,and this gives urban lower bases to conquer,and therefore a great chance at revival.Add to this,August of 2022 is 1.4%ahead of an average month during the quarter ending November of 2021.This has never happened in the last 18 months.Rural has until now d

6、riven whatever little growth was there at the FMCG level,however,in the last two months its growths were-0.3%(July)and 0.2%(August);however,the positive for Rural is that September 21 was the real lean period for it A Possible Reversal8%6%4%2%0%-2%-4%We are in the middle of the festive quarter.At th