Retail price inflation in India jumped to 7.44% in July 2023, the highest since April 2022, compared to an upwardly revised 4.87% in June and market forecasts of 6.4%. Food inflation surged to 11.51%, the highest since January of 2020, led by cost of vegetables (37.3%), spices (21.6%), cereals (13%), pulses (13.3%) and milk (8.3%). Meanwhile, prices of fuel and light went up 3.7%, housing cost rose 4.5%, miscellaneous increased 5.1% and prices for clothing and footwear surged 5.6%. The Reserve Bank of India targets inflation at 2-6% but aims to bring it to the mid-point of 4%. July marks the first month since March inflation stays above the upper limit of the central bank target, as irregular monsoon patterns across the country led to a spike in food prices. source: Ministry of Statistics and Programme Implementation (MOSPI)

Inflation Rate in India averaged 6.02 percent from 2012 until 2023, reaching an all time high of 12.17 percent in November of 2013 and a record low of 1.54 percent in June of 2017. This page provides - India Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Inflation Rate in India is expected to be 6.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Inflation Rate is projected to trend around 4.10 percent in 2024 and 4.30 percent in 2025, according to our econometric models.

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India Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-12 12:00 PM Jun 4.81% 4.31% 4.58% 4.5%
2023-08-14 12:00 PM Jul 7.44% 4.87% 6.4% 6.2%
2023-09-12 12:00 PM Aug 7.44% 6.8%


Related Last Previous Unit Reference
Inflation Rate 7.44 4.87 percent Jul 2023
Consumer Price Index CPI 186.30 181.00 points Jul 2023
GDP Deflator 173.30 160.10 points Dec 2023
Food Inflation 11.51 4.49 percent Jul 2023
CPI Transportation 165.50 165.10 points Jul 2023
Inflation Rate MoM 2.93 1.01 percent Jul 2023
CPI Housing Utilities 175.30 174.40 points Jul 2023

India Inflation Rate
In India, the most important category in the consumer price index is Food and beverages (45.86 percent of total weight), of which Cereals and products (9.67 percent), Milk and products (6.61 percent), Vegetables (6.04 percent), Prepared meals, snacks, sweets, etc. (5.55 percent), Meat and fish (3.61 percent), and Oils and fats (3.56 percent). Miscellaneous accounts for 28.32 percent, of which Transport and communication (8.59 percent), health (5.89 percent), and education (4.46 percent). Housing accounts for 10.07 percent; Fuel and light for 6.84 percent; Clothing and footwear for 6.53 percent; and Pan, tobacco and intoxicants for 2.38 percent. Consumer price changes in India can be very volatile due to dependence on energy imports, the uncertain impact of monsoon rains on its large farm sector, difficulties transporting food items to market because of its poor roads and infrastructure and high fiscal deficit. In 2013, the consumer price index replaced the wholesale price index (WPI) as a main measure of inflation.
Actual Previous Highest Lowest Dates Unit Frequency
7.44 4.87 12.17 1.54 2012 - 2023 percent Monthly
2012=100

News Stream
India Inflation Rate Above Forecasts at 7.44%
Retail price inflation in India jumped to 7.44% in July 2023, the highest since April 2022, compared to an upwardly revised 4.87% in June and market forecasts of 6.4%. Food inflation surged to 11.51%, the highest since January of 2020, led by cost of vegetables (37.3%), spices (21.6%), cereals (13%), pulses (13.3%) and milk (8.3%). Meanwhile, prices of fuel and light went up 3.7%, housing cost rose 4.5%, miscellaneous increased 5.1% and prices for clothing and footwear surged 5.6%. The Reserve Bank of India targets inflation at 2-6% but aims to bring it to the mid-point of 4%. July marks the first month since March inflation stays above the upper limit of the central bank target, as irregular monsoon patterns across the country led to a spike in food prices.
2023-08-14
India Inflation Rate Rises More than Expected
India's annual consumer inflation rate accelerated for the first time in five months to 4.81% in June of 2023 from an upwardly revised 4.31% in May, and above market forecasts of 4.58%. Food inflation increased to 4.99%, from 2.91% in May with the biggest gains reported for (19.19%), cereals (12.7%), pulses (10.5%), and milk (8.6%). Also, the cost of vegetables declined by only 0.9%, much less than a nearly 8% fall in May, led by a rise in prices of tomatoes and onions. Meanwhile, prices of fuel and light went up 3.9%, housing cost rose 4.6%, miscellaneous increased 5.2% and prices for clothing and footwear surged 6.2%. The Reserve Bank of India targets inflation at 2-6% but aims to bring it to the mid-point of 4%.
2023-07-12
Indian Inflation Slows to 2-Year Low
The annual inflation rate in India fell to 4.25% in May of 2023 from 4.7% in the previous month, the lowest since April 2021 and firmly below market forecasts of 4.42% amid a fresh slowdown in inflation for food. The result drove inflation closer to the RBI’s target of 4% and extended the decline past the central bank’s upper limit of 6%, paring concerns of an eventual resumption of its tightening cycle. Consumer food inflation fell to 2.91% from 3.84% in the previous month, amid significant deflation for oils and fats (-16.01% vs -12.33% in April), vegetables (-8.18% vs -6.5%), and meat and fish (-1.29% vs -1.23%). In the meantime, inflation slowed for transport and communication (1.1% vs 1.17%), housing (4.84% vs 4.91%), and fuel and light (4.64% vs 5.52%). On a monthly basis, consumer prices rose at a steady pace from the previous month at 0.51%.
2023-06-12