The Indian economy displayed resilience amidst broader global uncertainty and weak external demand, says Reserve Bank of India. Headline inflation in September fell sharply to its lowest level since June 2017 and remained below the target for the eighth consecutive month. The deflation in food was the key driver of the softening in headline inflation. Core inflation (CPI excluding food and fuel inflation) edged up, reflecting the combined effect of gold price inflation as well as the significant pick-up in housing inflation.

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