New Delhi, July 7 -- Since the outbreak of the West Asia war, crude oil prices surged sharply. Brent crude, which traded in the low-$60s (US dollars per barrel) in mid-February 2026, climbed to a peak of $114. Following the ceasefire, it has eased to around $72 per barrel.

Hopefully, the fragile truce will hold, as continued hostilities have adverse implications for both the US and Iran. In India, prices of petrol, diesel, LPG and other fuels increased, adding to inflationary pressures. Going forward, however, the monsoon is likely to have a bigger influence on inflation-and consequently on the Reserve Bank of India's (RBI) interest-rate decisions.

There is a defined basket of goods and services used to measure Consumer Price Inflation ...