Societe Generale analyst Kunal Kundu expects India’s headline CPI to climb to
5.6% YoY in Sept 2026 from 4.8% in Aug, driven by broad-based food inflation and
higher energy costs. Core CPI is forecast near 4.5%, signaling rising underlying
pressure. Kundu warns that even if the RBI hikes in October, real policy rates
would remain negative, implying that the central bank may need to tighten further.
