According to CoinMeta, and as reported by Reuters, India's annual retail inflation rate accelerated to 4.45% in July, mainly due to rising food prices, up from 4.38% the previous month. This increase is unlikely to prompt the Reserve Bank of India (RBI) to change its outlook on interest rate hikes. The inflation figures for July were almost in line with predictions by Reuters economists, who forecasted an inflation rate of 4.50%. This is the second consecutive month that inflation has exceeded the RBI's medium-term target of 4%. Last week, the RBI maintained its benchmark repurchase rate at 5.25% unchanged, as policymakers await clearer evidence to determine whether inflationary pressures are widespread in Asia's third-largest economy. In July, India's food inflation rate rose from 5.32% in June to 5.52%, mainly due to insufficient monsoon rains, but it is expected that price pressures will ease with a slight recovery in rainfall in August. The Governor of the Reserve Bank of India, Sanjay Malhotra, stated that the rise in headline inflation rates was mainly due to increases in fuel prices, while broader price pressures remained stable in the central bank's monetary policy statement earlier this month. The RBI also lowered its inflation forecast for 2026/27 by 10 basis points to 5% during the meeting.