New Delhi: Retail inflation in India marginally increased to 3.65 per cent in August. This is the second lowest in the last five years. The Consumer Price Index (CPI) based retail inflation was 3.6 per cent in July 2024 and 6.83 per cent in August 2023. Data released by the Ministry of Statistics & Programme Implementation showed this.
‘Year-on-year inflation rate (3.65%) based on All India Consumer Price Index (CPI) for the month of August, 2024, is second lowest in the last five years. Corresponding inflation rates for rural and urban are 4.16% and 3.14%, respectively,’ the Ministry of Statistics & Programme Implementation said in a statement.
According to the latest data released by the National Statistical Office (NSO), inflation in the food basket eased to 5.66 per cent in August 2024, compared with 9.94 per cent a year ago. In July 2024, the food inflation had stood at 5.42 per cent.
Also Read: Commodity Market: Gold prices edge higher sharply
‘Food inflation for August 2024 is the second lowest since June, 2023. Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 5.66% (Provisional) for the month of August, 2024. Corresponding inflation rate for rural and urban is 6.02% and 4.99%, respectively,’ the MoSPI stated.
The government has tasked the Reserve Bank of India (RBI) to ensure that the CPI inflation remains at 4 per cent with a margin of 2 per cent on either side. It remained within the Reserve Bank’s target of 4 per cent.
Meanwhile, 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. 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.
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.
Post Your Comments