Consumer food price inflation, under a new series published by the government, eased to 5.59 per cent last month from 7.67 per cent in September.
For now, the upside appears to offset damage done to exports by weaker global demand.
Signs of a strong pickup in hiring by companies are adding to the rosier outlook for Indian households.
Benchmark 10-year bond yields hit a 13-month peak as bond traders priced in more aggressive monetary easing next year.
The rate of price rise in vegetables stood at 15.15 per cent in August as against 16.88 per cent in the previous month.
CPI inflation could fall marginally but stay above RBI's comfort level.
Based on the evidence at hand, Modi's goal of scripting a broader, lasting upturn appears some way off, says Rajesh Kumar Singh.
India could allow global online retailers such as Amazon.com Inc to sell their own products as early as next month, removing restrictions that could boost competition in one of the world's biggest, and most price-sensitive, retail markets.
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A Reuters poll had forecast retail inflation would edge up to 8.48 per cent from 8.31 per cent in March.
Analysts polled by Reuters had forecast a contraction of 1.5 per cent in output.
Analysts polled by Reuters had forecast an annual growth of 0.9 per cent in output.
The finance minister chided the central bank on Tuesday over its focus on fighting inflation, saying the Reserve Bank of India (RBI) also needed to abide by the government policy to promote economic growth.
India said on Tuesday it was investigating US policies supporting solar panel makers, the latest move in an escalating row over renewable energy that has worsened already strained ties between the two countries.
At the bank's current market price, the stake on offer is worth about Rs 5,700 crore
In November, wholesale prices, India's main inflation measure, rose 7.52 percent, their fastest pace in 14 months.
Food prices for consumers last month rose 12.16 per cent from a year earlier, slower than November's 14.72 per cent rise.
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Imports of gold virtually stopped since July 22 after confusion on the new import rules.
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Food prices for consumers also eased to an annual 11.06 percent in August from 11.24 per cent in July.
On Tuesday, the partially convertible rupee, the worst performing currency among the major global economies, dropped as much as 3.1 percent to 68.12 per dollar.
India's fiscal deficit during the 2012/13 fiscal year ending March fell to 4.9 per cent of the country's gross domestic product, compared with 5.8 percent a year ago.
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