CPI inflation: Retail inflation rises to 7.35% in December

India's retail inflation accelerated to 7.35% in December on the back of rising food prices. Growth in oil prices have added to the uptick which presents a new risk to inflation in India.CPI has breached the upper end of the Reserve Bank of India's 2-6 percent target band for the first time since July 2016. In December, when the central bank kept its key interest rate unchanged after its monetary policy review, it cited "much higher than expected" inflation for its decision.