Inflation India 2023
Average inflation: 5.6%
Current Inflation
Inflation is very high at 5.6%, far above the ECB target.
Peak and Trough
The highest inflation was in July at 7.5%. The lowest inflation was in May at 4.4%.
- Highest month
- July: 7.5%
- Lowest month
- May: 4.4%
- Difference
- 3.1 percentage points
- Months with data
- 12 of 12
Historical Context
Current inflation is around the 5-year average of 5.9%.
- 5-year average
- 5.9%
- 10-year average
- 5.4%
- All-time high (2010)
- 12.1%
- All-time low (2017)
- 2.5%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (-0.3 percentage point).
- Change vs. previous year
- -0.3 percentage points
- Largest monthly swing
- May: -2.6 percentage points
ECB Target
Inflation is 3.6% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 6.2% | +0.4 |
| February | 6.2% | +1.2 |
| March | 5.8% | +0.4 |
| April | 5.1% | -1.2 |
| May | 4.4% | -2.6 |
| June | 5.6% | -0.6 |
| July | 7.5% | +1.7 |
| August | 6.9% | +1.0 |
| September | 4.7% | -1.8 |
| October | 4.5% | -1.6 |
| November | 5.0% | -0.4 |
| December | 4.9% | -0.6 |
| Average | 5.6% |
Data source
Data from OECD. Last updated: 20/12/2025.