India’s CPI fell -0.26% MoM and was up 3.34% YoY in March, below expectations of a 3.60% YoY reading and the lowest since August 2019.

• The monthly decline is the 5th in a row and was heavily affected by a decline in food prices.
• The Consumer Food Price Index fell -0.86% MoM and was only up 2.69% YoY, down from a peak of 10.87% YoY in October 2024.
• The largest increases are in health (+4.26% YoY) and personal care (+13.50% YoY), but these subsegments have small weights.
• Fuel & light recorded the weakest annual rate at 1.48% YoY.