When these components are excluded, core inflation exhibits a declining trajectory, broadly mirroring the moderation in headline inflation, the survey observes. While upgrading India’s sovereign rating, global rating agencies have also acknowledged the credibility and effectiveness of India's inflation management. Between 2008 and 2014, India's inflation reached double-digits on numerous occasions. In the past three years, despite volatility in global energy prices and supply-side shocks, CPI growth averaged 5.5 per cent. The global headline inflation has declined from a peak of 8.7 per cent in calendar year 2022 to 4.2 per cent in calendar year 2025.