Although it moderated in the following year, i.e., 2021-22 to 5.5 per cent and was projected to ease further to 4.5 per cent in 2022-23 as recently as February 2022, the war in Ukraine has altered the outlook drastically.
Although it appears to be moderating from its peak of 7.8 per cent in April this year, we would prefer to await more incoming data before we are convinced that this a durable trend.