India’s inflation trajectory is beginning to show signs of renewed pressure, with both consumer and wholesale prices rising sharply in May 2026 amid higher food costs, fuel price increases and global commodity volatility, according to separate research reports by HSBC and Bank of Baroda. While retail inflation remains within the Reserve Bank of India’s tolerance band for now, economists warn that a combination of rising energy prices, weather disruptions and global supply-side risks could push inflation significantly higher in the coming months.