“Compared to advanced economies like the USA, Germany, and France, India had one of the lowest deviations from its inflation target in the triennial average inflation from 2021-2023. Despite the challenges posed by global demand-supply imbalances due to ongoing geopolitical tensions, India’s inflation rate was 1.4 percentage points below the global average in 2023,” as stated in the Economic Survey 2024. Read here to understand how the government further plans to curb price flare-ups.