RBI holds rates, but the language on food prices shifted

The headline decision was a hold; the signal was in the wording.

In Mumbai, the change was felt first by the people who track it for a living. The details are still settling, but the direction is clear.

The story, as ever, is in the distribution: who gains, who waits, and how long the advantage lasts once the initial momentum fades. That is the question this week leaves open.