India’s Inflation Rate Declines to a 2-Year Low in May 2023

The latest data from the Ministry of Statistics and Programme Implementation reveals that India’s retail inflation, as measured by the consumer price index (CPI), dropped to a more than two-year low of 4.25% in May 2023.
This significant decline follows a peak of 7.79% in April 2022 and a low of 4.06% in January 2021. Additionally, the wholesale price inflation, measured by the wholesale price index (WPI), stood at -0.92% in April 2023, down from 1.34% in March 2023. These figures indicate a favorable trend in the country’s inflation rate.