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Retail inflation UPSC NOTE

 


  • Retail inflation, also known as Consumer Price Index (CPI) inflation, is the rate at which the prices of goods and services that consumers buy for personal use increase over time.

  • It measures the change in the cost of a basket of goods and services that are typically purchased by households, including food, clothing, housing, transportation, and medical care.

  • Four types of CPI are as follows:

    • CPI for Industrial Workers (IW).

    • CPI for Agricultural Labourer (AL).

    • CPI for Rural Labourer (RL).

    • CPI for Urban Non-Manual Employees (UNME).

  • Of these, the first three are compiled by the Labour Bureau in the Ministry of Labour and Employment. 

  • Fourth is compiled by the NSO in the Ministry of Statistics and Programme Implementation.

  • Base Year for CPI is 2012.

  • In 2020, the Ministry of Labour and Employment released the new series of Consumer Price Index for Industrial Worker (CPI-IW) with base year 2016.

  • The Monetary Policy Committee (MPC) uses CPI data to control inflation. I

  • n April 2014, the RBI adopted the CPI as its key measure of inflation.

  • Retail inflation surged to 7.44% in July, up from 4.87% in June, marking the highest level since April 2022.

  • Food prices witnessed an 11.5% increase, contributing to the rise in inflation.

  • Vegetable prices, particularly tomatoes, jumped by 37.3%.

  • Cereals and pulses became over 13% more expensive.

  • Urban consumers faced a 12.3% increase in their food bill, while rural consumers encountered an 11% food inflation.

  • Overall inflation for rural residents stood at 7.63% in July.

  • The Consumer Price Index rose by 2.9% from June.

  • Food prices saw a 6.7% month-on-month increase.

  • The unexpected inflation print challenges the central bank's projection of an average 6.2% inflation for the July-September quarter.

  • Although tomato prices might ease inflation slightly in August, concerns remain about elevated prices of pulses, spices, milk, and cereals.

  • Speculations arise about the possibility of an interest rate hike due to sustained high inflation.

  • ICRA predicts the earliest possibility of lower interest rates in the second quarter of 2024-25, with a mild rate cut cycle.

  • Wholesale prices remained deflationary in July but food and primary article prices increased by over 7.5%, narrowing the overall price dip.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Retail inflation UPSC NOTE
Retail inflation UPSC NOTE
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