Xiaomi has announced a permanent price drop on the Mi 5. The 32GB model of the phone, which is the only SKU available in India, was previously priced at INR 24,999 ($372) and will henceforth be available for INR 22,999 ($342).

The Mi 5 went on sale in India back in April. The company only ever launched the standard model in India, that has 32GB of storage and a slightly underclocked version of the Snapdragon 820 but it's still one of the best performing phones in its price range.

The Mi 5 was already good value at its original price and the price drop should make it an even more attractive package.