April CPI ticks to 3.48% as personal care jumps 17.7% on silver, gold jewellery surge
Headline CPI rose to 3.48% in April 2026 with food at 4.2%. Personal care inflation hit 17.7%, driven by silver jewellery (+144.3%) and gold/diamond/platinum (+40.7%). Restaurants/accommodation up 4.2% on LPG pass-through; clothing/footwear muted at 2.8%. Rate pause likely; hike risk if CPI tops 5%.
What happened
India CPI · April 2026 CPI rose to 3.48%, with food at 4.2% and personal care at 17.7% led by silver (+144%) and gold jewellery (+41%). Restaurant inflation
Key facts
- CPI 3.48% Apr 2026
- food inflation 4.2%
- core 3.31%
- tomatoes +35.3%
- silver jewellery +144.3%
- gold/diamond/platinum jewellery +40.7%
- personal care 17.7%
- restaurants/accommodation 4.2%
- clothing/footwear 2.8%
- transport -0.01%
Why this matters
Jewellery valuations are inflated by bullion tailwinds, making targeted bolt-ons in apparel or organized food retail relatively cheaper while CPI sits below the 5% rate-hike trigger.