Published on: October 13, 2021

RETAIL INFLATION

RETAIL INFLATION

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Retail inflation

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

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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.