Macro Transmission Insight: Raw material inflation of 9.4% and energy surge of 14.2% pass through into domestic prices (+2.96% CPI impulse). With nominal wage growth at 2.1%, real purchasing power contracts by -0.86%, driving private consumption softness. Simultaneously, shipping disruption transit delays (18 days) cause inventory bottlenecks that shave -0.24% from private capital expenditure.