India Inflation likely to come down to 5% in 2023, 4% in 2024: IMF
India Inflation likely to come down to 5% in 2023, 4% in 2024: IMF

Inflation in India is likely to come down from 6.8 percent in the current fiscal year ending March 31 to 5 percent  the next fiscal, and then faqll further to 4 percent  in 2024, the International Monetary Fund said on Tuesday, January 31

According to Daniel Leigh, Division Chief, Research Department of the IMF, "inflation in India like in other countries is predicted to drop down from 6.8 percent in 2022 to 5 percent in 2023 and then 4 percent coming towards the target in 2024."

The IMF updated its World Economic Outlook report on Tuesday, and it predicts that 84% of nations would have lower headline (consumer price index) inflation in 2023 than in 2022. According to the report, global inflation is expected to decline from 8.8% in 2022 (annual average) to 6.6% in 2023 and 4.3% in 2024, still above pre-pandemic levels of roughly 3.5%.

Due to a decline in worldwide demand, the forecast disinflation includes a portion of falling international commodity prices for both fuel and non-fuel goods. It also reflects the effects of tightening monetary policy on core inflation, which the IMF forecasts will fall from 6.9% in the fourth quarter of 2022 to 4.5% in the fourth quarter of 2023 globally.

The annual average inflation rate in advanced economies is predicted to fall from 7.3% in 2022 to 4.6% in 2023 and 2.6% in 2024, remaining over target in some situations. According to the IMF, annual inflation in emerging markets and developing countries is expected to drop from 9.9% in 2022 to 8.1% in 2023 and 5.5% in 2024, both of which are higher than the 4.9% pre-pandemic (2017–19) average.

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