“Among major commodity groups, transport inflation remained subdued at near-zero levels as Government of India has not increased retail pump prices despite Brent crude oil prices remaining above US$ 100 per barrel in the international markets since the East Asia Crisis” said Mr. Rajeev Juneja, President, PHDCCI.

However, precious metal prices recorded comparatively higher inflation rates due to jump in international metal prices and depreciating INR vis-à-vis US dollar, he added. Silver, Gold/Diamond/Platinum Jewellery jumped (y-o-y) 144.34% and 40.72% respectively.

On the other hand, at the food item level, potatoes, onions, motor cars and jeeps, peas and chickpeas, and air conditioners recorded the lowest inflation rates during April 2026.

The moderation reflects relatively stable price conditions across several core consumption categories, particularly transport. However, food price pressures remain elevated in select commodities, indicating the continued importance of supply-side monitoring.

“In India, recently, a deviation between food and non-food inflation trends continues to impact the inflation outlook. Volatility in agricultural commodities, baring seasonal commodities, and precious metals may continue to influence household inflation expectations in the near term,” said Dr. Ranjeet Mehta, SG and CEO, PHDCCI.

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