India’s inflation accelerates to 4.45% in July, raising hopes of a rate hike later this year
India's inflation rises for the ninth month in a row, raising the odds in favor of a rate hike later this year.
India's July inflation accelerated to 4.45% compared to 4.38% in June, as food prices remained high and drove up overall price pressures, according to government data released on Wednesday. The Consumer Price Index (CPI) reading stayed above the Reserve Bank of India's (RBI) medium-term inflation target of 4%. Inflation surpassed the central bank's target in June after remaining low for a long time.
RBI is required to keep headline retail inflation at 4%, allowing it to fluctuate within a range of 2% to 6% for the period from April 1, 2026, to March 31, 2031. A Reuters poll of 40 economists forecasted retail inflation to increase to 4.50% in July from 4.38% in June. July inflation marked the highest level since India started using its revised CPI series with a new base year and updated consumption basket earlier this year.
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