Debt Mutual Fund Strategy

31 Percentage points Classification - Restricted RBI is also likely to remain focused on controlling inflation... Inflation rate (Per cent) 13- 12- 11 10- 2 2 0 0 0 7 Inflation Expectations of Households 80 70 60 ➢ ིི ཉྭ ༈ ཋ ཊུ 20 Proportion of respondents (Per cent) 50 40 냉 30 Per cent k in # CPI Inflation YoY : Projection versus Actual 6.2 6.3 7.3 5.8 6.9 Three months ahead (Median) One year ahead (Median) Three months ahead price increase more than the current rate (RHS) One year ahead price increase more than the current rate (RHS) Source: Inflation Expectations Survey of Households, RBI. 2.0- 1.0 0.0 -1.0 MoM Chang Base Effect CPI Headline Monthly Change in YoY Inflation Why 0.5 0.3 -0.2 -2.0 -3.0 Feb-20 Apr-20 Jun-20 Confidential/Restricted Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Source:- RBI Aug-22 3. N 04:2021-22 01:2022-23 Apr 2022 MPR path 02:2022-23* Actuals Projections for entire Q2:2022-23 vis-a-vis actual average inflation during July-August 2022. Sources: NSO; and RBI staff estimates. Percentage points 8 00 NO in m Contribution of Imported Inflation 17.0 5.8 RBI is likely to continue its aggressive fight against inflation, given the elevated inflation exceptions of households, inflation coming in higher than RBI's projections on a sustained basis and risk of imported inflation. D Aug-20 Oct-20 Domestically generated inflation CPI headline inflation (y-o-y. per cent) Jun-22 Aug-22 Imported inflation HDFC BANK RESEARCH Classification - Restricted HDFC BANK We understand your world

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