The surge in headline CPI inflation to 7.44% YoY in Jul’23 is undoubtedly a jolt, but core inflation actually abated to less than 5% YoY for the first time in 39 months, with inflation receding across the entire spectrum of non-food categories. Vegetable inflation (+37.3% YoY in Jul’23) needs supply-side measures to improve distribution, and the steps already taken in the past month have helped rein-in vegetable inflation in Aug’23.