India’s new CPI series, with base year 2023–24, will reset how retail inflation is read in a more services‑ and urban‑heavy economy. The weight of food and beverages is expected to drop sharply to around 37 per cent from nearly 46 per cent earlier, which should smooth headline inflation swings driven by volatile food prices. In turn, housing, transport and other services will gain heft, better mirroring actual urban spending and new‑age consumption such as digital services and e‑commerce. The basket itself will be broadened and prices from online marketplaces folded in for select categories, while free food supplied under government welfare schemes is excluded to avoid understating costs borne by households. Over time, the new series is expected to deliver a smoother inflation trajectory without changing the RBI’s basic role, since CPI will remain the operative nominal anchor for the inflation‑targeting framework.