Mumbai, Apr 18: As India’s retail inflation hit six-year low in March, the government data showed on Wednesday that average annual inflation between 2004–05 and 2013–14 stood at 8.2 per cent, reflecting a decade marked by considerable volatility in retail prices and households across the country bearing the brunt of steep increases in food and fuel prices.
According to the Ministry of Finance, between 2009-10 and 2013–14, India faced a prolonged period of high inflation, with the average annual rate remaining in double digits.
It eroded purchasing power and created a challenging environment for both consumers and businesses.
“In sharp contrast, the 10-year period from 2015–16 to 2024–25 witnessed a marked decline in inflationary pressures, with the average rate coming down to 5 per cent,” according to a ministry statement.