The Reserve Bank of India (RBI) projected CPI inflation for year 2024–25 (FY25) is 4.5%, with Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6%, and Q4 at 4.5%.The RBI governor declared that the risks are evenly distributed.

The RBI governor, Shaktikanta Das, said during the RBI MPC announcement that two years ago, around this time, when CPI inflation had peaked at 7.8% in April 2022, the elephant in the room was inflation.

The elephant has now gone out for a walk and appears to be returning to the forest.