he January Consumer Price Index (CPI) print marked more than just a new inflation number. At 2.75%, inflation returned to the Reserve Bank of India’s target band, and under a revised data series with a new base year of 2024. On the surface, this was a routine statistical update which was long overdue given that the earlier basket was based on 2011-12 consumption patterns. Yet beneath the technical adjustments lies a deeper economic story. The revision of the CPI basket does not merely refine how inflation is measured but also indirectly captures how Indian households are spending differently than they did a decade ago. The most striking signal is the reduced weight assigned to food and the greater emphasis on services, housing and modern consumption categories such as OTT. This shift, from roti to OTT, so to speak, reflects an economy in transition from subsistence-heavy spending toward more diversified and discretionary consumption.