The Ministry of Statistics and Programme Implementation (MoSPI) released the Consumer Price Index (CPI) data for March 2026 on Monday, April 13, 2026, marking the first monthly CPI print since the Reserve Bank of India maintained its neutral policy stance on April 8. The March data comes at a critical juncture for India's macroeconomic policy, with economists closely tracking whether rising fuel costs from the West Asia disruption and a resurgent food price cycle have pushed retail inflation higher. In the previous release for February 2026, headline CPI inflation had risen to 3.21 percent year-on-year from 2.74 percent in January, with the Consumer Food Price Index climbing to 3.47 percent. A Reuters poll of 13 economists had projected average CPI inflation of about 3.4 percent for March, citing the base effects of Ramzan-linked demand in food categories, elevated crude oil prices around USD 90 per barrel, and a sustained surge in precious metal prices driving up the personal care and effects sub-index. The CPI is compiled by the National Statistical Office under MoSPI and measures the change in retail prices across more than 290 items spread across five major groups — food and beverages, pan-tobacco, clothing and footwear, housing, and miscellaneous. Importantly, this release is issued on the base year 2012=100, while the parallel series on the new 2024=100 base year — which reduced food weight and added e-commerce coverage — is expected to be operationalised by MoSPI later in the year. The RBI's Monetary Policy Committee has projected CPI inflation at 4.6 percent for FY27, well within its 2-6 percent tolerance band, and the March reading will shape expectations for the next MPC meeting in June 2026.