Why is it important to know about CPI and WPI?
CPI stands for Consumer Price Index, it measures price changes from the perspective of a retail buyer. It is released by the National Statistical Office (NSO).
The All India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) registered an increase of six points each in May 2024, reaching levels of 1269 and 1281 respectively.
The point-on-point inflation rate based on CPI-AL was recorded at 7 per cent in May 2024, showing a deceleration from 7.03 per cent in April 2024, Ministry of Labour & Employment data said.
The main items that drove the indices were vegetables, pulses, wheat, onion, milk, turmeric whole, ginger, fish fresh, jowar, pan leaf, medicines, shirting cloth (C.M.), saree (C.M.), leather chappal, etc.
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A diverse pattern was observed in the indices of constituent States. Bihar experienced a decline for both CPI – AL and RL. The index of agricultural labourers remained stationary for Jammu & Kashmir.
Conversely, for CPI-RL, the inflation rate was recorded at 7.02 per cent in May 2024, a marginal increase from 6.96 per cent in April 2024. The corresponding figures for May 2023 were 5.99 per cent for CPI-AL and 5.84 per cent for CPI-RL.
Recently, the data released by the government said the headline retail inflation for May eased to the lowest in a year at 4.75 per cent. Corresponding inflation rates for rural and urban areas are 5.28 per cent and 4.15 per cent respectively.
All India inflation based on General CPI is lowest for the month of May 2024 after May 2023. It is less than 6 per cent since September 2023.
Notably, last month in April, the Consumer Price Index (CPI) inflation in April was at 4.83 per cent, lowest after May 2023.
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