What is in news : Retail inflation falls to 4.35% in September

About

Retail inflation

• Is the general rise in the retail prices of goods and services
• Measured by Consumer price index (CPI)

MAHITI FOR PRELIMS

CONSUMER PRICE INDEX 

• Index measuring retail inflation in the economy b
• By collecting the change in prices of most common goods and services used by consumers.
• In India, there are four consumer price index numbers, which are calculated, and these are as follows:
  • CPI for Industrial Workers (IW)
  • CPI for Agricultural Labourers (AL)
  • CPI for Rural Labourers (RL) and
  • CPI for Urban Non-Manual Employees (UNME).
• While the Ministry of Statistics and Program Implementation collects CPI (UNME) data and compiles it, the remaining three are collected by the Labour Bureau in the Ministry of Labour.
• CPI = (Cost of basket divided by Cost of basket in the base year) multiplied by 100.
• The base year for CPI is 2012.