Ministry of Statistics and Programme Implementation (MoSPI) records December CPI inflation at 1.33%

Key facts

• India’s headline retail inflation based on the Consumer Price Index (CPI) rose to 1.33 per cent in December 2025 from 0.71 per cent in November.
• Retail food prices fell 2.71 per cent year-on-year in December after falling by 3.91 per cent the previous month.
• The December 2025 retail inflation figure is the last under the existing CPI series; a new series with base year 2024 will be introduced next month.
• The October–December CPI inflation averaged ~0.8 per cent, about 20 basis points higher than the Monetary Policy Committee’s Q3FY26 forecast.
• Core inflation rose to 4.6 per cent in December from 4.4 per cent the previous month, driven by gold and silver price surges.
• Gold inflation hit a record high of 68.66 per cent and silver inflation reached 97.07 per cent in December.
• Excluding gold and silver, December CPI inflation would have been 0.26 per cent.
• The Reserve Bank of India (RBI) expects inflation to average around 4 per cent in the first half of 2026-27.