India’s consumer price inflation ticked slightly higher in July 2026, with the CPI rising 4.45% year-over-year, up from 4.38% in June 2026. The latest data, updated on 12 August 2026, show price pressures remaining broadly steady and close to the mid-range of the Reserve Bank of India’s 2–6% tolerance band.
On a year-over-year basis, the July reading indicates only a marginal acceleration from the previous month, suggesting that while inflationary forces persist, they have not yet broken out into a sharp upward trend. The June 2026 figure of 4.38% was itself a comparison to June 2025, while the newly reported 4.45% for July 2026 is measured against July 2025, in line with the standard annual comparison methodology.
The modest uptick will be closely watched by market participants and policymakers, as it may influence expectations around the future path of interest rates. However, with CPI still comfortably within the RBI’s official range, the data point to a largely stable inflation environment heading into the second half of 2026.