Indian inflation accelerates to 4.45% in July, slightly below expectations
- India’s annual inflation rate accelerates to 4.45% in July, from 4.38% in June.
- The increase in consumer prices remains slightly below the 4.5% expected by markets.
- The Indian Rupee reacts modestly to the release, while USD/INR declines by 0.05%.
Inflation in India accelerates slightly in July, while remaining close to market expectations. The Consumer Price Index (CPI), released on Wednesday by the Ministry of Statistics and Programme Implementation (MoSPI), rises 4.45% YoY in July, compared with 4.38% in June. The market consensus had expected a slightly stronger increase of 4.5%.
Market reaction
In the foreign exchange market, the Indian Rupee (INR) reacts modestly to the release. USD/INR remains slightly tilted to the downside following the data, losing 0.05% on Tuesday and trading around 95.3350 at the time of writing.
Economic Indicator
Consumer Price Index (YoY)
The India Consumer Price Index released by the Ministry of Statistics and Programme Implementation measures the average price change for all goods and services purchased by households for consumption purposes. CPI is the main indicator to measure inflation and changes in purchasing trends. A high reading is positive (or bullish) for the INR, while a low reading is negative (or bearish).
Read more.Last release: Wed Aug 12, 2026 10:30
Frequency: Monthly
Actual: 4.45%
Consensus: 4.5%
Previous: 4.38%
Source: Ministry of Statistics and Programme Implementation
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