High inflation eroded purchasing power, hit households' savings before 2014: Centre

As India's retail inflation hit a six-year low in March, 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.

- AGENCIES

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.