Consumer Price Index (CPI)
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Context
- India's year-on-year inflation rate based on the all-India Consumer Price Index (CPI) has decreased to 4.75% in May 2024, according to provisional data released by the Ministry of Statistics and Programme Implementation.
Findings
Rural and Urban Inflation Trends
- The rural inflation rate stands at 5.28%, while the urban inflation rate is slightly lower at 4.15%. This disparity highlights differing economic pressures in rural and urban areas but indicates a broad reduction in inflation across the country.
Notable Declines in Specific Categories
- Among various categories, the 'Spices' sub-group has shown a significant decline in year-on-year inflation compared to April 2024. Additionally, notable decreases in inflation have been observed in the 'Clothing & Footwear', 'Housing', and 'Miscellaneous' groups since the previous month, contributing to the overall reduction in inflation.
Detailed Inflation Rates
- The all-India inflation rates for May 2024 over May 2023 based on General Indices and Consumer Food Price Indices (CFPIs) are as follows:
|
Category |
Inflation Rate (May 2024) |
|
Rural |
|
|
CPI (General) |
5.28% |
|
CFPI |
8.62% |
|
Urban |
|
|
CPI (General) |
4.15% |
|
CFPI |
8.83% |
|
Combined |
|
|
CPI (General) |
4.75% |
|
CFPI |
8.69% |
All about CPI: https://www.iasgyan.in/daily-current-affairs/cpi#:~:text=Consumer%20Price%20Index%20or%20CPI,medical%20care%2C%20education%2C%20etc.
All about CPI and WPI: https://www.iasgyan.in/daily-current-affairs/wpi
|
PRACTICE QUESTION Q. Which governmental body is responsible for collecting Consumer Price Index (CPI) data in India, specifically for the Urban Non-Manual Employees (UNME), as per the latest statistics? a) Ministry of Finance b) Ministry of Commerce and Industry c) Ministry of Statistics and Program Implementation d) Ministry of Labour Answer: c) Ministry of Statistics and Program Implementation |
SOURCE: PIB
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