buy Clomiphene cheap uk What is in news : Inflation has remained above 6%
Plasencia Other details :
RBI estimate of inflation for 2021-22 was 5.1%
MAHITI FOR PRELIMS
- What is inflation : Inflation refers to the rise in the prices of most goods and services of daily or common use, such as food, clothing, housing, recreation, transport, consumer staples, etc.
- How is inflation measured in India – By consumer price index and wholesale price index
|Wholesale Price Index||Consumer Price Index|
Measures the changes in the prices of goods sold and traded in bulk by wholesale businesses to other businesses
Measures price changes from the perspective of a retail buyer
Four types of CPI are as follows:
CPI for Industrial Workers (IW).
CPI for Agricultural Labourer (AL).
CPI for Rural Labourer (RL).
Published by the Office of Economic Adviser, Ministry of Commerce and Industry
|First three are compiled by the Labour Bureau in the Ministry of Labour and Employment. Fourth is compiled by the NSO|
|Base year – 2011-12||Base Year – 2012.|
|Tracks inflation at the producer level||
Captures changes in prices levels at the consumer level
Other details :
- The Monetary Policy Committee (MPC) uses CPI data to control inflation.
- In April 2014, the Reserve Bank of India (RBI) had adopted the CPI as its key measure of inflation.
- Inflation measures the average price change in a basket of commodities and services over time.
- Inflation is indicative of the decrease in the purchasing power of a unit of a country’s currency.