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India macro › CPI inflation › March 2023

CPI inflation, March 2023: 5.66%

India's consumer price inflation eased to 5.66% in March 2023 from 6.44% in February, the lowest since December 2021. Food inflation was 5.11%, against 6.26% the month before. That is inside the RBI's 2–6% tolerance band, above its 4% target. The repo rate was 6.50% at the end of the month, 0.84 points above inflation.

March 2023February 2023March 2022
CPI inflation5.66%6.44%6.95%
Food inflation5.11%6.26%7.47%
CPI inflation, food inflation and the repo rateApr 2020 – Oct 2026
−5%0%5%10%15%202120222023202420252026New CPI base (2024)5.66%
Year-on-year inflation for All India, rural and urban combined. The CPI moved to a 2024 base in January 2026, so the figures either side of the dashed line come from different series.

Source: Ministry of Statistics and Programme Implementation (MoSPI). MoSPI revises earlier periods as fuller data arrives; this page shows the latest published figure. The latest figures for every indicator are on the India macro dashboard.