• UGI USER
  • Jan 17, 2024
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LATEST INFLATION DATA

Why in the News?

  • Released by India’s Consumer Price Index (CPI) latest Inflation Data shows inflation at 5.7% in December.
Source: IE
What is Inflation?

Inflation is the increase in the general price level of goods and services over time, leading to a decrease in the purchasing power of a currency and reduced economic value.

Key findings of Data :

  • Year-on-year inflation increased due to a spike in food prices, especially vegetables (28%), pulses (21%), and spices (20%).
  • Month-on-month data showed deflation in December.
  • Regional variations in inflation, with Odisha at 8.7% and Delhi at 2.9%.
About Consumer Price Index (CPI)

·    Measures price changes for items bought by retail consumers, released by the National Statistical Office (NSO).

·    Calculation and Components:

o    Calculates price differences for commodities like food, medical care, education, and electronics.

o    Sub-groups include food and beverages, fuel and light, housing, and clothing/footwear.

·    Types of CPI:

o    CPI for Industrial Workers (IW).

o    CPI for Agricultural Labourer (AL).

o    CPI for Rural Labourer (RL).

o    CPI (Rural/Urban/Combined).

o    First three compiled by Labour Bureau, Ministry of Labour; fourth by NSO, Ministry of Statistics.

·    Base Year: 2012.

·    Recently, the Ministry of Labour released a new series of CPI-IW with the base year 2016.