Indian consumer price index (CPI) inflation is projected to shrink to just 0.48% in October 2025, the lowest in at least a decade, according to a Reuters poll of 42 economists. The sharp drop is largely attributed to a steep fall in food prices—particularly vegetables—and an elevated year-ago base effect. 

Economists caution that supply-side risks such as unseasonal rainfall and higher import duties could pose headwinds even as the data supports potential rate cuts by the central bank in coming months.