New Delhi: The All-India CPI-IW (Consumer Price Index for Industrial Workers ) for July 2024 stood at 142.7 point. It increased by 1.3 points in July. 2024. It was 141.4 points in June 2024. Data released by the Union Labour ministry showed this.
‘ Year-on-year inflation for the month of July 2024 moderated to 2.15 per cent as compared to 7.54 per cent in July 2023. The year-on-year inflation for the month of June 2024 was 3.67 per cent as compared to 5.57 per cent in June 2023,’ it stated.
Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling the Consumer Price Index for Industrial Workers every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country.
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Meanwhile, wholesale inflation in India declined to3-month low in July. The wholesale price index (WPI) based inflation is at 2.04 per cent in July. The wholesale price index (WPI) based inflation was at 3.36 per cent in June.
The retail inflation fell to a 5-year low of 3.54 per cent in July. The retail inflation has fallen below the RBI’s medium-term target of 4%. The Consumer Price Index (CPI) based retail inflation has reached its lowest level in five years. Inflation in the food basket was 5.42 per cent in July, down from 9.36 per cent in June.
Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India are made after reviewing the CPI.
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