In our assessment, CPI inflation is likely to average close to 5.0% in FY22, not far from RBI's recently revised estimate of 5.1%. This will definitely come as a reprieve compared to FY21 average inflation of 6.2%. However, increasingly this outlook of probable comfort is getting challenged amidst several upside risks seemingly gaining ground - WPI inflation at never seen before levels, retail price of petrol and diesel reigning at record highs, inflation expectations lingering in...