India's retail inflation accelerates to 4.38 percent in June, above forecasts

India's National Statistics Office said on Monday, July 13, that retail (consumer price) inflation reached 4.38 percent in June 2026, accelerating from 3.93 percent in May and coming in above analysts' forecasts.

Food inflation was reported at 5.32 percent for June. The pickup, attributed in part to higher global oil prices following the US-Iran tensions, has strengthened market expectations that the Reserve Bank of India could raise interest rates.

India is one of the world's largest oil importers, and the direction of its monetary policy and energy demand carries weight for regional markets.