Food prices (ginger, garlic, onions) led the charge, while core inflation stayed tame. The RBI held rates at 5.25%, and for good reason: broad price pressures aren’t spreading... yet. Markets aren’t worried either; bond yields barely moved. But here’s the catch: if food + fuel + rupee stress start pushing up other prices, the RBI won’t wait. They’re watching closely. For now, growth is still solid (6.7% GDP forecast), giving them breathing room. But December could be the real test; inflation’s expected to hit 5.9%. If it climbs higher, rate hikes may return. Stay ready; this story’s not over.