The GST rate rationalisation, announced by the government in September, could reduce the Consumer Price Index (CPI) or retail inflation by 35 basis points (bps) in 2025-26, according to SBI Research. The retail inflation due to GST reforms has been around 25 bps so far in the September-November 2025 period, the report said. It forecasts inflation for 2025-26 at 1.8%.