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India macro › CPI inflation › May 2023

CPI inflation, May 2023: 4.31%

India's consumer price inflation eased to 4.31% in May 2023 from 4.70% in April, the lowest since April 2021. Food inflation was 3.35%, against 4.16% 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, 2.19 points above inflation.

May 2023April 2023May 2022
CPI inflation4.31%4.70%7.04%
Food inflation3.35%4.16%7.84%
CPI inflation, food inflation and the repo rateJun 2020 – Oct 2026
−5%0%5%10%15%202120222023202420252026New CPI base (2024)4.31%
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.