Indian CPI (Sep MM) 0.69% (Prev. 0.73%)

The monthly rate is the secondary lens on Indian inflation; the market's primary reference is the year-on-year print and its food component, which has historically driven the series through monsoon-dependent vegetable prices and swings in the food and beverages basket. A sequential reading broadly in line with the prior month tells little on its own; what has mattered for pricing is the annual figure relative to the central bank's tolerance band and whether food or core is doing the work, since persistent core softness alongside food-led headline spikes has on past occasions allowed the rate-setting committee to look through supply-driven episodes. The distinction worth drawing is between transient food pressure and broader demand-driven inflation: the former has typically produced no policy response, the latter has fed into the repo rate path and the front end of the INR curve. Transmission runs through rate expectations into short-dated government bonds and the currency rather than through equities directly. The follow-ons are the year-on-year detail, the food versus core split, and whether commentary from the central bank's MPC members frames the print as within tolerance.