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India macro › CPI inflation › January 2026

CPI inflation, January 2026: 2.74%

India's consumer price inflation rose to 2.74% in January 2026 from 1.33% in December, the highest since May 2025. Food inflation was 2.11%, against −1.85% the month before. That is inside the RBI's 2–6% tolerance band, below its 4% target. The repo rate was 5.25% at the end of the month, 2.51 points above inflation. This is the first reading on MoSPI's new 2024 base.

January 2026December 2025January 2025
CPI inflation2.74%1.33%4.26%
Food inflation2.11%−1.85%5.68%
CPI inflation, food inflation and the repo rateFeb 2023 – Oct 2026
−5%0%5%10%15%202420252026New CPI base (2024)2.74%
Year-on-year inflation for All India, rural and urban combined. The CPI moved to a 2024 base in January 2026, so the figures either side of the dashed line come from different series.

Source: Ministry of Statistics and Programme Implementation (MoSPI). MoSPI revises earlier periods as fuller data arrives; this page shows the latest published figure. The latest figures for every indicator are on the India macro dashboard.