RBI sources maintain that India’s inflation remains moderate by historical standards and well within the RBI’s tolerance band, yet the steady upward climb since early 2026 and the sharp food contribution have returned price stability to the centre of the policy conversation.
The combination of a 15 per cent national deficit, a 28 per cent southern shortfall and the monsoon’s early withdrawal has turned what was once a forecast risk into a lived crisis for millions dependent on rainfed agriculture.