India CPI reaches 4.45% as below-average rainfall and prolonged geopolitical tensions continue to mount pressure on supply chains: PHDCCI

India's retail inflation based on the Consumer Price Index (CPI) reached 4.45% in July 2026, marking a 19-month high increase from 4.38% in June 2026. According to the PHD Chamber of Commerce and Industry (PHDCCI), below-average monsoon rainfall and ongoing global geopolitical tensions are causing supply chain disruptions, which are driving up domestic input and logistical costs. Despite challenging weather conditions, farmers have maintained their resolve, ensuring that food demand remains met. Additionally, adequate inventories of staples like rice and wheat have supported stable domestic food availability.