New York: The International Monetary Fund (IMF) said that inflation in India is likely to decrease to 5% in the next fiscal year starting from April 1, 2023. The inflation rate will drop further to 4% in 2024. The inflation rate is at 6.8% in this fiscal year ending March 31.
‘Inflation in India as in other countries is expected to come down from 6.8% in 2022 to 5% in 2023 and then 4% coming towards the target in 2024. That partly reflects the central bank’s actions,’ said Daniel Leigh, Division Chief, Research Department of the IMF.
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According to the World Economic Outlook update released by the IMF on Tuesday, about 84% of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022. Global inflation is set to fall from 8.8% in 2022 (annual average) to 6.6% in 2023 and 4.3% in 2024 — above pre-pandemic (2017–19) levels of about 3.5%, it said.
In low-income developing countries, inflation is projected to moderate from 14.2% in 2022 to 8.6% in 2024 — still high, but close to the pre-pandemic average, it further said.
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