Retail inflation rises to 4.45% in July as food prices remain elevated

12 Aug 2026 Evaluate

Retail inflation, measured by the All India Consumer Price Index (CPI) with the base year 2024, rose to 4.45% (Provisional) in July 2026 from 4.38% (Final) in June 2026, as food prices remained elevated. The latest reading marks the sixth consecutive monthly increase in inflation. The CPI reading remained above the Reserve Bank of India’s (RBI's) medium-term inflation target of 4%. RBI is mandated to maintain headline retail inflation at 4%, while allowing it to move within a tolerance band of 2% to 6%, for the five-year period from April 1, 2026, to March 31, 2031. Meanwhile, CPI inflation for Rural and Urban rose to 4.84% and 3.96% in July 2026, from 4.74% and 3.93% in June 2026, respectively. Moreover, the index value for CPI for rural, urban and combined stood at 108.34, 107.45 and 107.94, respectively, for the month of July 2026.

Food inflation, measured by the Consumer Food Price Index (CFPI), jumped to 5.52% (Provisional) for July 2026 as compared to 5.32% (Final) in June 2026. Corresponding inflation rates for rural and urban stood at 5.79% and 5.05%, respectively in July 2026, as compared to 5.45% and 5.09%, respectively in June 2026. Index value for CFPI for rural, urban and combined stood at 109.21, 109.70 and 109.39, respectively, for July 2026. Besides, Housing inflation rate for the month of July 2026 stood at 2.22% (Provisional) and the corresponding inflation rates for rural and urban are 2.80% and 2.01%, respectively.

Top five key items with high inflation at All India combined level in July 2026 were Silver Jewellery at 109.84% as against 133.24% in June 2026, Ginger at 83.62% in July 2026 as against 50.41% in June 2026, Garlic at 35.36% in July 2026 as against 17.93% in June 2026, Gold/Diamond/Platinum Jewellery at 32.98% in July 2026 as against 36.81% in June 2026, and Onion at 22.54% in July 2026 as against 4.73% in June 2026.

Top five key items with low inflation at All India combined level in July 2026 were Potato at (-)16.56% as against (-)20.34% in June 2026, Motor car and jeep at (-)6.72% in July 2026 as against (-)6.89% in June 2026, Lady's finger at (-)5.52% in July 2026 as against 5.54% in June 2026, Peas at (-)5.27% in July 2026 as against (-)9.67 % in June 2026, and Tomato at (-)4.59% in July 2026 as against 31.92% in June 2026.

Moreover, inflation in Food and beverages increased to 5.24% in July 2026 from 5.05% in June 2026, inflation in Transport rose to 4.43% in July 2026 from 4.31% in June 2026, inflation in Restaurants and accommodation services surged to 7.72% in July 2026 from 6.91% in June 2026, inflation in Clothing and footwear increased to 3.38% in July 2026 from 3.23% in June 2026. Also, inflation in Housing, water, electricity, gas and other fuels inched up to 2.16% in July 2026 from 1.99% in June 2026.

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