India’s retail inflation softened to 4.7% in September, down from 5.1% in August, as vegetable and cereal prices cooled. Core inflation also stayed below 4%, reflecting easing input costs and better supply management. Economists said the moderation strengthens the case for a rate cut in early 2026 if the trend holds. The Reserve Bank of India remains focused on anchoring inflation near its 4% target while supporting growth amid stable crude oil prices.