Number Theory: Understanding India's fresh inflation numbers

Inflation numbers and the policy commentary around them has been painting a slightly conflicting picture for the past few months. India’s benchmark inflation rate, as measured by the Consumer Price Index (CPI) has fallen, albeit marginally, in the last five months. At 4.75% in May 2024, it was the lowest since its 4.3% print in May 2023. The Wholesale Price Index (WPI) on the other hand, increased to a 15-month high of 2.61% in May 2024. The falling retail inflation and rising but still benign wholesale inflation notwithstanding, RBI has been maintaining its hawkish tone in its bimonthly monetary policy resolutions. What is one to take of all these facts?