Although inflation is softening on a YoY basis, still seeing high levels of cumulative inflation, said FMCG major Hindustan Unilever after reporting its Q1 numbers. "FMCG markets are recovering gradually although the operating environment remains challenging. In the near-term, FMCG industry will continue to witness rebalancing of price-volume growth equation and a gradual recovery in consumer demand," said Rohit Jawa, MD & CEO of HUL.