Inflation has dropped down to a five-year low of 2.38 per cent in September. The Wholesale Price Index based inflation was at 3.74 per cent in August. It was 7.05 per cent in September last year.

According to the data released by Commerce and Industry Ministry, it has been possible following decline in food prices, including vegetables. The data said, the food inflation fell to a nearly two-and-half year low of 3.52 percent. Food inflation is on the decline since May.

The sharp drop in WPI inflation comes just at the back of retail inflation declining to a record low of 6.46 per cent in September.

The data revealed that inflation in onion, potato, milk, eggs, meat and fish continued to decline in September as well. However, there was slight increase in the prices of fruits during the period.

Economists, however, say the real picture of inflation will emerge only after November when the base effect fades out and the impact of a sub-normal monsoon rains on summer-sown crops are more visible.

Prime Minister Narendra Modi made a promise to pull the economy out of this malaise during his campaign in the last general election. Perhaps, the “Good Days” are coming!