October was the first full month after the ‘GST 2.0’ reductions took effect from September 22, 2025. A businessline analysis of CPI data of items, which had witnessed large drops in GST rates, shows broad-based disinflation in consumer durables and auto-mobiles. But the response is more uneven across FMCG goods, suggesting sticky pricing or delayed pass-through in these segments.

“We note that several major categories affected by the GST changes did not show full pass-through in October such as non-alcoholic beverages, prepared meals, health, personal care, tobacco, and intoxicants. Transport and communication, that is autos were the only category where near-complete transmission was seen,” noted a report by Emkay research.

Autos gain

Among consumer discretionary items, automobiles w

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