August 15, 2023

CONSUMER PRICE INDEX NUMBERS ON BASE 2012=100 FOR RURAL, URBAN AND COMBINED FOR THE MONTH OF JULY 2023

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing All India Consumer Price Index (CPI) on Base 2012=100 and corresponding
Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of July 2023 (Provisional) in this press note. CPIs for Sub-Groups and Groups for both All India and all States/UTs are also being released.

2. The price data are collected from selected 1114 urban Markets and 1181 villages covering all States/UTs through personal visits by field staff of Field Operations Division of NSO, MoSPI on a weekly roster. During the month of July 2023, NSO collected prices from 99.5% villages and 98.5% urban markets while the market-wise prices reported therein were 88.6% for rural and 92.2% for urban.

Retail price inflation in India increased sharply to 7.44% in July 2023, the highest level since April 2022, as compared to a June reading that had been upwardly revised to 4.87% and 6.4% market expectations. The cost of vegetables (37.3%), spices (21.6%), cereals (13%), pulses (13.3%), and milk (8.3%) were the biggest drivers of the spike in food inflation, which reached 11.51%, its highest level since January 2020. The Reserve Bank of India wants to raise inflation to the midpoint of 4% from its goal range of 2-6%. Since March, only one month—July—has seen inflation remain beyond the upper bound of the central bank’s target, as a result of unseasonably dry conditions nationwide that drove up the cost of food.

Source: Ministry of Statistics and Programme Implementation (MOSPI)+ Trading Economics
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