India's Consumer Price Index inflation accelerated to 4.45% in July 2026 on higher food prices, a pace economists said is unlikely by itself to prompt an immediate change in the Reserve Bank of India's policy outlook. The reading remained within the RBI's 2%-6% tolerance band around its 4% target, while analysts broadly said core inflation stayed relatively benign for now even as headline pressure firmed. Economists from Oxford Economics, ICRA, HDFC Bank, Kotak Mahindra Bank, Axis Bank, Bandhan AMC and Nirmal Bang said inflation is likely to rise further in the coming months, with several expecting it to move above 5% from September as favourable base effects fade and food-price risks persist. They cited uneven monsoons, higher fertiliser costs, crude oil and shipping pressures, global cereal and vegetable-oil prices, and second-round pass-through from higher input costs as key risks. Views on monetary policy differed, but many said the RBI can remain patient in the near term and may keep rates unchanged in October before considering hikes later in 2026, while some still see an extended pause through fiscal 2027.