India’s CPI rose 0.06% MoM and 2.10% YoY (vs 2.5% YoY expected) in June 2025, down sharply from 2.82% YoY in May, marking the lowest annual inflation since January 2019.

• Food inflation (CFPI) turned negative at -1.06% YoY in June from 1.01% YoY in May, led by declines in vegetables, pulses, cereals, and milk.
• Rural CPI fell to 1.72% YoY (vs 2.59% in May) and urban CPI slowed to 2.56% YoY (vs 3.12% in May); rural food inflation was -0.92% YoY, urban -1.22% YoY.
• Housing inflation edged up to 3.24% YoY (from 3.16%), while education and health inflation rose to 4.37% and 4.43% YoY respectively.
• Transport & communication inflation was steady at 3.90% YoY; fuel & light inflation moderated to 2.55% YoY (vs 2.84%).
• Core services such as clothing, footwear, and personal care showed moderate monthly increases, helping keep core CPI stable despite food disinflation.