The Indian crude oil price for its crude oil basket rose from $69.01 per barrel at the end of February to $80.16 per barrel on March 2 2026. Sitharaman stated that the current inflation impact from the price increase will not reach significant levels because current inflation rates remain low.

The data for February is the second inflation print under the updated Consumer Price Index series which has a base year of 2024 for prices and comes ahead of the Reserve Bank of India’s interest rate decision in early April.

Explore Consumer Price Index trends and inflation insights shaping the economy of India, policy reforms, GST 2.0 impact, and factors driving price stability.

A surge in Indian overnight ​indexed swap (OIS) rates — typically a key barometer of policy rate expectations in normal times — is overstating the likely impact ‌of the Iran war and higher oil prices on domestic monetary policy,

Reserve Bank of India Governor Sanjay Malhotra said India is likely to remain in a prolonged period of low policy rates as long as inflation stays benign and the economy is not hit by a major supply-side shock. “I do feel inflation will remain benign for ...