Reserve Bank of India (RBI) stated in its latest monthly update that based on the Consumer Price Inflation (CPI) 2024 base year series, headline inflation stood at 2.8 per cent (y-o-y) in January. CPI food, fuel and core (CPI excluding food and fuel) inflation were 2.1 per cent, 0.4 per cent and 3.4 per cent, respectively. Excluding precious metals, core inflation was lower at 1.9 per cent, indicating that underlying price pressures remain relatively contained. Core inflation accounted for the bulk of headline inflation in January, followed by food and fuel. The central bank stated that near-term economic outlook remains favourable and is well-positioned to sustain its high growth momentum, driven by consumption, investment, and productivity-enhancing reforms. Inflation is expected to remain benign and near the inflation target, providing a positive growth inflation balance in the near term.

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