India inflation remains modest in April at 3.48% but energy risks grow

India's retail inflation rose marginally to 3.48% in April, driven by dearer food prices, with food inflation at 4.2% compared to March's 3.87%. The outlook remains clouded by risks from rising energy costs, which could widen the current account deficit, weaken the rupee, and add to price pressures. Higher global oil prices are expected to feed into domestic costs, pushing up headline inflation