Macro Wrap

Indian Inc: India’s headline, retail CPI moderated to 1.54% YoY vs forecast: 1.6%, the lowest since June 2017, from 2.07% YoY in August 2025. It remained below 3% for the fifth consecutive month. Sequentially, inflation eased to 0.1% MoM as against 0.4% MoM in August 2025. Core inflation increased to 4.5% YoY, led by higher precious-metal prices. Gold increased 47% YoY (8% MoM), while silver rose by 42% YoY (10% MoM). Excluding gold and other volatile components energy, inflation rose 20 bps to 3.2% in September 2025.