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India macro › CPI inflation › July 2023

CPI inflation, July 2023: 7.44%

India's consumer price inflation rose to 7.44% in July 2023 from 4.87% in June, the highest since April 2022. Food inflation was 10.57%, against 4.69% the month before. That is above the top of the RBI's 2–6% tolerance band. The repo rate was 6.50% at the end of the month, 0.94 points below inflation.

July 2023June 2023July 2022
CPI inflation7.44%4.87%6.71%
Food inflation10.57%4.69%6.71%
CPI inflation, food inflation and the repo rateAug 2020 – Oct 2026
−5%0%5%10%15%202120222023202420252026New CPI base (2024)7.44%
Year-on-year inflation for All India, rural and urban combined. The CPI moved to a 2024 base in January 2026, so the figures either side of the dashed line come from different series.

Source: Ministry of Statistics and Programme Implementation (MoSPI). MoSPI revises earlier periods as fuller data arrives; this page shows the latest published figure. The latest figures for every indicator are on the India macro dashboard.