New Delhi, Dec. 15 -- India recorded ultra-low retail inflation of 0.25% in October and 0.71% in November. A sharp drop in food prices was a major reason behind the disinflation seen in recent months. The recent cuts in goods and services tax (GST) rates also played their part, primarily in October, the first full month with the revised rates.

A Mint analysis of the inflation basket shows that October 2025 saw a month-on-month decline in prices (consumer price index) in 40% of the items-the highest ever under the current 2012 series, which has item-wise data from 2014. Usually, about 20% of items see such declines during a month. However, the effect of the cuts is already tapering, and economists believe they may have a smaller impact th...