Data Alert
India CPI inflation rises to 12-month high of 3.4% in March
This story was originally published at 17:49 IST on 13 April 2026
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--India Mar CPI inflation 3.4%
--India Mar CPI inflation 3.4% vs 3.21?b
--Informist Poll estimated India Mar CPI inflation at 3.4%
--India Mar CPI food inflation 3.87% vs 3.47?b
--India Mar CPI rural inflation 3.63% vs 3.37?b
--India Mar CPI urban inflation 3.11% vs 3.02?b
--India Mar CPI food and beverages inflation 3.71% vs 3.35?b
--India Mar CPI 'paan, tobacco, and intoxicants' inflation 4.23% vs 3.49?b
--India Mar CPI clothing and footwear inflation 2.75% vs 2.81?b
--India Mar CPI housing and utilities inflation 1.97% vs 1.52?b
--India Mar CPI furnishings, household equipment inflation 1.39% vs 1.40?b
--India Mar CPI health inflation 1.75% vs 1.90?b
--India Mar CPI transport inflation 0.00% vs -0.05?b
--India Mar CPI information and communication inflation 0.33% vs 0.25?b
--India Mar CPI 'recreation, sport, and culture' inflation 2.28% vs 2.21?b
--India Mar CPI educational services inflation 3.30% vs 3.33?b
--India Mar CPI restaurants, accommodation svcs inflation 2.88% vs 2.73?b
--Mar CPI personal care and miscellaneous inflation 18.65% vs 19.64?b
--India Mar CPI general index up 0.3% on month
--India Mar CPI food price index up 0.3% on month
--India Jan-Mar CPI inflation 3.1%
--India FY26 CPI inflation 2.1%
--India Mar CPI core inflation 3.3% vs 3.4?b
NEW DELHI – India's headline inflation, based on the Consumer Price Index, rose to a 12-month high of 3.40% in March from 3.21% in February due to higher food inflation, data released Monday by the statistics ministry showed. Core inflation, which excludes food and fuel items, eased to 3.3% in March from 3.4% in February.
CPI inflation in March was in line with expectations. According to an Informist poll, headline inflation was seen at 3.4% in March. CPI inflation was 3.34% in March 2025, based on the old series with 2012 as the base year. As per the new series, CPI inflation was 3.6% in March 2025.
The food price index was up 0.3% month-on-month in March, which led to a similar rise in the general index from February.
'Electricity, gas and other fuel' inflation jumped to 1.65% in March from 0.14% in February, reflecting the impact of the liquefied petroleum gas price hike in the aftermath of the war in West Asia.
Retail food inflation rose to 3.87% in March from 3.47% in February. Tomato inflation was 35.99% in March, while cauliflower inflation was 34.11%. Among the five key items with low inflation in March, onion inflation was (-)27.76%, potato inflation was (-)18.98%, and garlic inflation was (-)10.18%. Food and beverages inflation was 3.71% in March.
Among the main groups, the personal care and miscellaneous category recorded the highest inflation in March at 18.65%, driven by high jewellery prices. Silver jewellery recorded the highest inflation in March at 148.61%, followed by gold, diamond, and platinum jewellery at 45.92%.
The slight rise in CPI inflation in March indicates a "mild initial impact of the West Asian crisis on the headline number," Aditi Nayar, chief economist at ICRA, said in a note. "The sequential uptick in YoY (year-on-year) inflation was driven by the food and the electricity, gas and other fuels groups, with the latter reflecting the impact of the West Asia crisis across LPG and alternate fuels."
At 3.63%, rural inflation was higher in March compared to urban inflation at 3.11%. In February, rural inflation was 3.37%, while urban inflation was 3.02%.
Among states and Union Territories, Telangana, Sikkim, Puducherry, and Andhra Pradesh reported the highest inflation in March at 5.83%, 4.28%, 4.18%, and 4.05%, respectively. Mizoram at 0.66% and Ladakh at 0.94% reported the lowest inflation last month.
Headline inflation averaged 3.1% in the March quarter and 2.1% in 2025-26 (Apr-Mar), in line with the Reserve Bank of India's forecasts. In February, the RBI had projected headline inflation for Jan-Mar at 3.2% and for FY26 at 2.1%, based on the old CPI series.
After the monetary policy meeting last week, RBI Governor Sanjay Malhotra had said risks to inflation forecasts were on the upside, particularly emanating from the war in West Asia. The central bank projects headline inflation to rise to 4.0% in the June quarter and average 4.6% in FY27.
"Higher global energy prices will put upward pressure on inflation in the coming months, as they feed through into food and other consumer prices," Gareth Leather, senior Asia economist at Capital Economics, said in a note. "However, provided transport-administered prices are held steady, headline inflation should not rise sharply. The economic shock is instead being felt through fuel shortages and damage to the balance sheets of mostly state-owned oil marketing companies."
ICRA estimates CPI inflation in April to rise above the RBI's medium-term target of 4.0%.
The following table details the general index of the CPI and inflation for March:
| Weight | Index for March | Month-on-month change (in %) | Inflation for March | Inflation for February | |
| Food and beverages | 36.75 | 104.1 | 0.2 | 3.71% | 3.35% |
| Paan, tobacco and intoxicants | 2.99 | 106.3 | 0.9 | 4.23% | 3.50% |
| Clothing and footwear | 6.38 | 106.4 | 0.3 | 2.75% | 2.81% |
| Housing, water, electricity, gas and other fuels | 17.67 | 102.7 | 0.6 | 1.97% | 1.52% |
| Furnishings, household equipment and routine household maintenance | 4.47 | 103.3 | 0.3 | 1.39% | 1.37% |
| Health | 6.1 | 104.0 | 0.1 | 1.75% | 1.90% |
| Transport | 8.8 | 100.7 | 0.0 | 0.00% | (-)0.05% |
| Information and communication | 3.61 | 103.5 | 0.1 | 0.33% | 0.25% |
| Recreation, sport and culture | 1.52 | 104.1 | 0.0 | 2.28% | 2.21% |
| Education services | 3.33 | 105.4 | 0.1 | 3.30% | 3.33% |
| Restaurants and accommodation services | 3.35 | 106.3 | 0.4 | 2.88% | 2.73% |
| Personal care, social protection and miscellaneous goods and services | 5.04 | 124.1 | (-)0.3 | 18.65% | 19.65% |
| Consumer Food Price Index | 34.78 | 104.1 | 0.3 | 3.87% | 3.47% |
| All India | 100 | 104.8 | 0.3 | 3.40% | 3.21% |
Source: Ministry of Statistics and Programme Implementation. End
Reported by Shweta
Edited by Avishek Dutta
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