According to the RBI report on India’s inflation outlook based on the CPI 2024 base year series, what was the year-on-year headline inflation rate recorded in January?

The RBI report highlighted that India’s inflation outlook remained benign and stable, with headline Consumer Price Index inflation recorded at 2.8 percent year-on-year in January under the CPI 2024 base year series. This level of inflation is well within the RBI’s inflation target range of 4 percent with a tolerance band of plus or minus 2 percent. A moderate inflation rate such as 2.8 percent reflects stable price conditions in the economy and supports the balance between economic growth and inflation management. The RBI noted that maintaining this growth–inflation balance is essential for sustaining macroeconomic stability and supporting long-term economic expansion.