On Tuesday the International Monetary Fund (IMF) stated that the inflation in India is anticipated to come down from 6.8 percent in the present financial year ending March 31 to 5 percent the next financial year, and then further drop to 4 percent in the year 2024.
Daniel Leigh, Division Chief, Research Department of the International Monetary Fund (IMF) said to the reporters that the inflation in India as in other countries is anticipated to come down from 6.8 percent in the year 2022 to 5 percent in the year 2023 and then 4 percent coming forward the target in the year 2024. He further added that it reflects partly the central bank action.
About 84 percent of countries are anticipated to have lower headline (consumer price index) inflation in the year 2023 than in the year 2022, as per the World Economic Outlook update released by the International Monetary Fund (IMF) on Tuesday.
It also stated that inflation globally is set to fall from 8.8 percent in the year 2022 ( annual average ) to 6.6 percent in the year 2023 and 4.3 percent in the year above pre- pandemic ( 2017- 2019 ) levels of about 3.5 percent.
Due to weaker global demand the projected disinflation reflects partly to declining global fuel and non fuel commodity prices. The International Monetary Fund ( IMF) stated that it also reflects the cooling effects of monetary policy tightening on underlying ( crore ) inflation, which internationally is anticipated to decline from 6.9 percent in the fourth quarter of the year 2022 ( year over year) to 4.5 percent by the fourth quarter of the year 2023.
The International Monetary Fund further stated that in the developing countries where income is low inflation is projected from 14.2 percent in the year 2022 to 8.6 percent in the year 2024. However still high, but close to the average of pre-pandemic.
Pierre Olivier Gourinchas, Chief Economist and Director of Research Department of IMF wrote in his blog post that inflation internationally is anticipated to decline this year but even by the year 2024 however the projected average annual headline and core inflation in more than 80 percent of countries will be above pre- pandemic levels.
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