India’s first consumer price inflation reading under the new 2024 base year series printed at 2.75% year-on-year. Economists highlighted smoother inflation and muted volatility despite sharp food and jewellery price swings. The most consequential change is the sharp reduction in the weight of food and beverages—from 42.62% in the 2012 series to 36.75% in the new one. The impact was visible in January: food inflation rose to about 2.1%, driven by items such as tomatoes and coconut oil, yet headline inflation stayed subdued because food now exerts less influence.