Retail inflation in June reaches a 3-month high of 4.81% on rising food prices
Retail inflation surged to a three-month peak of 4.81 per cent in June, primarily driven by rising food prices, as per government data released on Wednesday. Still, the current inflation level remains within the Reserve Bank of India’s (RBI) target range of below 6 per cent.
In May, the Consumer Price Index (CPI) inflation was revised up to 4.31 per cent from 4.25 per cent, while it was at 7 per cent in June 2022.
The previous high CPI was in March at 5.66 per cent.
India‘s industrial production rose 5.2 per cent in May. Factory output measured in terms of the Index of Industrial Production (IIP) grew 19.7 per cent in May 2022.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output increased by 5.7 per cent in May 2023.
Mining output rose 6.4 per cent during the month under review while the power output grew 0.9 per cent in May 2023.
What is Consumer Price Index (CPI)?
NSO under the Ministry of Statistics and Programme Implementation (MoSPI) releases the All India Consumer Price Index (CPI) every month. It is used to measure retail inflation in the economy based on the change in prices of the most common goods and services used by consumers.
The price data are collected from selected 1,114 urban Markets and 1,181 villages covering all States/UTs through personal visits by field staff of the Field Operations Division of NSO, MoSPI on a weekly roster.
For June, NSO collected prices from 98.9 per cent of villages and 98.4 per cent of urban Markets while the Market-wise prices reported therein were 88.2 per cent for rural and 92.4 per cent for urban.
(Info from wires)
