Inflation in India to witness a fall of 5 per cent in 2023 and 4 per cent in 2024

Inflation in India is expected to come down from 6.8 per cent in the current fiscal year ending March 31 to 5 per cent in the next fiscal and further, it will drop to 4 per cent in 2024, the International Monetary Fund (IMF) said on January 31.

"Inflation in India as in other countries is expected to come down from 6.8 per cent in 2022 to 5 per cent in 2023 and then 4 per cent coming towards the target in 2024," Daniel Leigh, Division Chief, Research Department of the IMF while speaking to media persons.

He further added that it reflects the central bank's actions.

As per the World Economic Outlook update released by the IMF on on January 30, nearly about 84 per cent of countries are expected to have lower headline (Consumer Price Index) inflation in 2023 than in 2002.

The said outlook further said that Global inflation is set to witness a fall from 8.8 per cent in 2022 (annual average) to 6.6 per cent in 2023 and 4.3 per cent in 2024 compare to pre-pandemic (2017-19) levels of about 3.5 per cent.

The IMF further said that in low-income developing countries, inflation is projected to moderate from 14.2 per cent in 2022 to 8.6 per cent in 2024 -- still high, but close to the pre-pandemic average.

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