India Macro-Finance TrackerReal repo rate Original
Real policy rate: repo rate minus CPI inflation (site calculation). Monthly, per cent. Latest: −0.29 (Sep 2026).
Level
per cent
About this series
| Series id | real_repo_rate |
| Source | RBI; MoSPI; site calculation: Policy repo rate and CPI inflation |
| Coverage | Jul 2022 to Sep 2026 (51 observations) |
| Release | monthly, with CPI |
| Updated by | Daily automated pipeline · pipelines/sources/derived/real_rate.py |
| Licence | Terms not yet reviewed; not offered for download |
| Notes | Percentage points. Site calculation: the repo rate in force at the end of the month minus CPI inflation (y/y, as published) for that month. Ex post: uses measured, not expected, inflation. From September 2022 (the start of our stored repo series). |
| Checked against the official release | Not yet. Values come straight from the publisher, but no one has yet compared them with the press release. |
Download and cite
Not available for download (see licence).
Cite: India Macro-Finance Tracker (2026). Real policy rate: repo rate minus CPI inflation (site calculation) [real_repo_rate]. Retrieved 3 Nov 2026. Original source: RBI; MoSPI; site calculation.
Latest observations
| Period | Value | Note |
|---|---|---|
| Sep 2026 | −0.29 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Aug 2026 | 0.42 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Jul 2026 | 0.80 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Jun 2026 | 0.87 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| May 2026 | 1.32 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Apr 2026 | 1.77 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Mar 2026 | 1.85 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Feb 2026 | 2.04 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Jan 2026 | 2.51 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Dec 2025 | 3.92 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Nov 2025 | 4.79 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Oct 2025 | 5.25 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Sep 2025 | 4.06 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Aug 2025 | 3.43 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Jul 2025 | 3.89 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Jun 2025 | 3.40 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| May 2025 | 3.18 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Apr 2025 | 2.84 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Mar 2025 | 2.91 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Feb 2025 | 2.64 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Jan 2025 | 2.24 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Dec 2024 | 1.28 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Nov 2024 | 1.02 | site calculation: repo rate at month end minus CPI inflation (y/y) |
| Oct 2024 | 0.29 | site calculation: repo rate at month end minus CPI inflation (y/y) |
Revisions
No revisions recorded since this series was added. When the publisher revises a past value, the old and new values appear here.