New Delhi, Oct. 14 -- With a shaky global economy posing headwinds, it's a matter of comfort that the cost of living in India is going through a phase of splendid stability.

Government data released on Monday shows that consumer price inflation in September eased to an over eight-year low of 1.54%, slipping below the Reserve Bank of India's (RBI) 2-6% target band for the second time in 2025.

The last time this reading was lower was in June 2017. Food items in the index's basket aided the cool-off, with their prices falling 2.28% last month, their fourth-straight month of decline. As India's GST slashes took effect only in late September, the full effect of that consumption stimulus is expected to show up in October.

To be sure, there's...