Image Source : FILE Retail inflation eased due to easing food prices
A recent data by the central government revealed that retail inflation declined to a three-month low of 5.02 in September, mainly due to easing food prices. The inflation has come back to the Reserve Bank’s comfort level of below 6 per cent after a gap of two months.
The inflation based on the consumer price index (CPI) was 6.83 per cent in August and 7.41 per cent in September 2022. The previous low was in June this year when the reading stood at 4.87 per cent.
According to the data released by the National Statistical Office (NSO), the inflation in the food basket came down to 6.56 per cent in September from 9.94 per cent in the preceding month. The Reserve Bank mainly factors in retail inflation while arriving at its bi-monthly monetary policy.
Notably, the retail inflation for industrial workers had eased to 6.91 per cent in August from 7.54 per cent in July this year mainly due to lower prices of certain food items.
“Year-on-year inflation for the month (August) stood at 6.91 per cent compared to 7.54 per cent for the previous month and 5.85 per cent during the corresponding month a year before,” a Labour Bureau statement said.
Retail inflation for industrial workers eases marginally
The Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling the Consumer Price Index for Industrial Workers (CPI-IW) every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country. The index is compiled for 88 centres and All-India and is released on the last working day of the succeeding month.
(With PTI inputs)
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