Following a decline in vegetable prices, India's persistently high inflation finally appears to be easing.

According to a fresh poll by Reuters, consumer inflation possibly slipped to 9.92 per cent in December 2013, considerably down from 11.24 per cent in November. The estimated figure is the lowest consumer inflation figure in a round three months.

India's benchmark inflation, wholesale prices, also probably edged down in December to 7 per cent. In the previous month, wholesale price inflation was recorded at 7.52 per cent, the higest in as many as fourteen months.

Commenting on the figures, Rahul Bajoria of Barclays Capital in Singapore said, "Inflation has peaked in the near-term. But any supply shock has the potential of flaring up food prices."

Nevertheless, the above-mentioned figures should bring some relief to the ruling Congress-led UPA government, which suffered a big loss in state elections held a few months back. High prices were one of the main reasons behind the Congress' loss in the elections.

Easing prices should also bring relief to the Reserve bank of India (RBI), which has repeated expressed its concerns over persistently high inflation. RBI Governor Raghuram Rajan has so far made crushing inflation a priority over boosting economic growth.