The broader slowdown in consumption is catching up with FMCG companies so long as real wage growth remains negative. Inflation has to fall further, and stay there, for wage negotiations to become productive. The flow of credit to small enterprises, which generate most of the employment in the economy, will likewise have to accelerate for consumption to revive lower down the pyramid. These are demand-side factors that are beyond the supply response of FMCG companies.
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