India’s consumer price inflation picked up to 0.71% year-on-year in November 2025, rising from October’s record low of 0.25% and broadly matching the market consensus of 0.7%. Despite the uptick, inflation remained below the Reserve Bank of India’s lower tolerance threshold of 2% for the third straight month, as food prices continued to decline (-3.91% vs. -5.02% in October), driven by softer costs for vegetables, pulses, and spices. Goods inflation also remained subdued following September’s GST rate rationalization. Price pressures eased further in categories such as clothing and footwear (1.49% vs. 1.70%) and miscellaneous services (5.64% vs. 5.71%), while housing inflation was virtually unchanged (2.95% vs. 2.96%). Meanwhile, some categories saw modest acceleration, including pan, tobacco and intoxicants (2.96% vs. 2.87%) and fuel and light (2.32% vs. 1.98%).