India CPI jumps to 3.93% in May as food, jewellery and personal care squeeze wallets
Retail inflation accelerated to 3.93% in May 2026 from 3.48% in April, with food at 4.78%. Personal care surged 18.46%, silver jewellery 155.23%, gold/platinum 40.93%, and restaurants/accommodation 5.75% — tightening discretionary budgets even as potatoes fell 23.71%.
India's retail CPI rose to 3.93% in May 2026 from 3.48% in April, with food inflation at 4.78%. Personal care surged 18.46%, silver jewellery 155%, gold/platinum jewellery 41%, while restaurant inflation hit 5.75% — pressuring consumer wallets across categories.
Why this matters
MoSPI's May CPI print follows its move to launch a monthly Index of Service Production using GSTN data. Rising food, jewellery and personal care inflation tightens discretionary wallets and pressures retail footfall.
Footfall signals steady at 177 over the last 90 days, even as inflation pressures discretionary baskets.