India retail growth cools to 5% in May as inflation bites; apparel matches pace
RAI's Round 71 Business Survey shows retail sales growth moderated to 5% YoY in May 2026 from 7% in April. Apparel grew 5%, signaling a broad-based consumer spending slowdown amid inflation and global uncertainty.
RAI's Round 71 Business Survey shows India retail sales growth moderated to 5% YoY in May 2026 from 7% in April, citing inflation and global uncertainty. Apparel category also grew 5%, signaling broad-based consumer spending slowdown.
Why this matters
Extends RAI's April warning on looming cost pressures, with May data confirming the slowdown. Growth has now halved from earlier double-digit prints, validating RAI's inflation caution.
Footfall theme steady with 237 signals in 90 days, but May growth deceleration suggests softening ahead.