India’s CPI increased 0.31% MoM and was up 3.16% YoY in March, below expectations of a 3.27% YoY reading and the lowest since July 2019.

• This is the first monthly increase in 6-months, but historically, is still one of the smaller gains.
• The Consumer Food Price Index fell -0.15% MoM and was only up 1.78% YoY, down from a peak of 10.87% YoY in October 2024.
• The food and beverage segment is only up 2.14% YoY as food price movement has been deflationary in the short-term thanks to a decline in vegetable prices (-10.98% YoY) and meat & fish prices (-0.35% YoY).
• The largest increases are in health (+4.25% YoY) and personal care (+12.90% YoY), but these subsegments have small weights.