India Inflation September 2023

India: Inflation falls to lowest level since June in September

Inflation came in at 5.0% in September, which was down from August’s 6.8% and below market expectations. September’s figure marked the weakest inflation rate since June. The drop was broad-based, with lower price pressures recorded for food and beverages, fuel and light, and clothing and footwear.

Annual average inflation fell to 5.8% in September (August: 6.0%).

Lastly, consumer prices dropped 1.13% in September over the previous month, following August’s 0.05% fall. September’s result marked the weakest reading since December 2013.

ING’s Robert Carnell said:

“On the assumption that food prices revert to something close to where they started before the recent supply shocks […] headline inflation [could be] dropping into the lower half of the Reserve Bank of India’s (RBI) 2-6% inflation target range in the coming months.”

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