As per the new CPI 2024 series, the YoY CPI inflation inched up to 3.2% in February 2026 from the revised 2.7% in January 2026, while remaining below the mid-point of the MPC’s target range of 2%-6%. 

Moreover, on a sequential basis, the headline CPI inflation was up by 0.1% in February 2026, slightly lower than 0.3% seen in January 2026, albeit in contrast to the 0.3% decline seen in February 2025.

EXHIBIT: YoY trends in headline and division-wise CPI indices in January 2026 (base: 2024)

Source: NSO; CEIC; ICRA Research