India’s retail inflation is on a downward trajectory, with the print falling to a four-month low of 4.87% in October from the most recent high of 7.44% in July. However, there is little reason to cheer as price pressures have increased for the first time in three months. On a month-on-month basis, the Consumer Price Index (CPI) increased 0.65%, after having declined 0.05% in August and 1.13% in September. This shows that prices were firmer in October compared to the previous month. More worryingly, the major sequential rise came from the food segment, the index for which rose 1.06% (including a substantial 3.38% rise in vegetables) after two months of decline.