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43m ago

India’s Inflation Drops to Record 0.25% in October as Food Prices Slide

Core inflation held near 4.5%, keeping the RBI’s December policy options open.

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Overview

  • NSO/MoSPI provisional data put headline CPI at 0.25% year on year in October, with September revised down to 1.44%.
  • Consumer Food Price Index fell 5.02% year on year, led by a 27.57% decline in vegetables after the first full month of GST rate cuts.
  • The government pointed to GST pass-through and a favorable base from last year’s high food prices as key drivers of the drop.
  • Rural CPI was -0.25% versus urban 0.88%, underscoring differing price trends across regions.
  • Core inflation hovered around 4.4–4.49%, suggesting room for easing even as economists caution the disinflation may be temporary and markets watch the December MPC meeting.