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) rose to a 19-month high of 4.45% in July 2026, up from 4.38% in June 2026. According to the PHD Chamber of Commerce and Industry (PHDCCI), below-average monsoon rainfall and lingering global geopolitical strains are actively squeezing supply chains, driving domestic input and logistical costs upward. Despite un-ideal weather conditions, farmers have remained determined, ensuring that demand for food is met. Additionally, above adequate inventories of staples including rice and wheat have supported domestic availability of food?, says Mr. Rajeev Juneja, President, PHDCCI

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