India Inflation

India Inflation

Inflation in India

India witnessed moderately high inflation from 2013 to 2022, generally oscillating between 4% and 6%. The country's inflation dynamics were influenced by various factors, including domestic economic activities, monsoon patterns affecting agricultural output, and policy decisions. India's central bank, the Reserve Bank of India, implemented several measures to control inflation, including monetary policy adjustments.

Over the past decade until 2022, consumer price inflation in India averaged 5.5%, which was above the Asia-Pacific's regional average of 2.1%. The 2022 average figure was 6.7%. For more inflation information, visit our dedicated page.

India Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for India from 2013 to 2022.
Source: MOSPI India.

India Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 3.4 4.8 6.2 5.5 6.7
Inflation (CPI, ann. var. %, eop) 2.9 5.8 5.5 7.0 5.7
Inflation (WPI, ann. var. %, eop) 3.1 0.4 7.9 14.6 1.4
Inflation (WPI, ann. var. %, aop) 4.3 1.7 1.3 13.0 9.4

Inflation drops to lowest level since October 2023 in January

Inflation came in at 5.1% in January, down from December’s 5.7%. January's figure marked the lowest inflation rate since October 2023. Looking at the details of the release, prices for food and beverages rose at a more moderate rate in January, while prices for fuel and light fell at a slower pace. Annual average inflation fell to 5.5% in January (December: 5.7%). Finally, consumer prices fell 0.11% in January over the previous month, a softer drop than December's 0.32% fall.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indian inflation projections for the next ten years from a panel of 28 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Indian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian inflation projections.

Want to get access to the full dataset of Indian inflation forecasts? Send an email to

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