India’s year-on-year consumer price index (CPI) fell to 0.48% in October 2025, down from 1.54% in September. The decline marks the lowest reading since the current 2012-base series began and remains below the RBI’s 2-6% target band. Falling food prices and weak input cost pressures contributed to the drop. Economists now expect a possible policy rate cut in the December RBI review, although growth trends and credit demand will guide the central bank’s decision.