India's April retail inflation is deceptively low; wholesale inflation soared to an 8.3% 42-month high. Surging fuel and power prices are the primary driver, with cost pass-through to consumers now imminent, impacting the economy. Food inflation, notably commercial LPG, affects consumer baskets and demand. The rupee sharply depreciated. Producers unsustainably absorb rising costs, indicating retail inflation will soon fully manifest. The RBI has limited room, likely tightening monetary policy. This signals broad, systemic inflationary pressure.